ASI Attorney and Monax founder Byrne has had a lot to say about the SEC and the ICO market lately. His most recent comments came after the SEC declined to allow to ICOs and had scrutinized EtherDelta, a platform that allows for the exchange of Ethereum tokens.

Two other ICOs faced the SEC’s admonishment, including Paragaon Inc., and Carrier EQ Inc. Each received fines of $250,000 and the SEC ordered them to repay any funds that investors had invested. The crux of the problem was that neither company had properly registered with the SEC before conducting an ICO.

These actions come in light of the fact that the SEC has yet to provide clarity concerning its position toward ICOs. So, some are surprised that the commission is taking action in light of its inaction. Others are pointing to the recent actions of the commission, arguing that it has provided some guidance and that ICOs are required to follow.

Byrne stated, “Until recently. We didn’t have any guidance on that point and so now that we’ve seen is that they’re taking a very conservative and traditional approach to regulating these schemes much in line with the way that they’ve regulated that kind of wacky crazy schemes in the 1970s and that for all intents and purposes these schemes have to either be registered securities or they have to be exempt from the registration requirement.”

Byrne continued that this resulted in a difficulty concerning coin launches in the United States. The good news is that if not in the United States, then there are many other countries that are more receptive to such launches. He continued, “We do have very specific rules regarding the sale and dealing in securities within our borders and so hitherto it was thought that if you were going to sell ICO tokens in the US, it might not be subject to those rules but because it’s subject to those rules you can expect that there’s increased friction and increased amounts of compliance and therefore increased cost associated with doing ICO deals in the United States.”

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