The SEC Created Its Own Scammy ICO To Teach Investors a Lesson
Wednesday May 16, 2018. 09:20 PM , from Slashdot
In its latest effort to fend off cryptocurrency scams, the Securities and Exchange Commission launched its own fake initial coin offering website today called the Howey Coin to warn people against fraudulent cryptocurrencies. From a report: The name is a tongue-in-cheek reference to the Howey Test that the SEC uses to determine whether an investment is a security, which the Commission would therefore have legal jurisdiction over. Click 'Buy Coins Now' on the Howey Coins site and you'll be redirected to an SEC page that states: 'We created the bogus HoweyCoins.com site as an educational tool to alert investors to possible fraud involving digital assets like crypto-currencies and coin offerings.' It even has a white paper [PDF].
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