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Report: SEC starts sweeping probe into cryptocurrencies

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Report: SEC starts sweeping probe into cryptocurrencies

The SEC has sent out a number of subpoenas and information requests to technology companies and advisers participating in initial coin offerings, or ICOs, The Wall Street Journal reported, citing "people familiar with the matter."

The regulator is seeking information about the structure for sales and presales of the ICOs as part of its sweeping probe into cryptocurrencies, according to the report.

The news comes a few months after the SEC established a cyber unit tasked to counter violations involving ICOs, among other things. In December 2017, the regulator warned investors against backing cryptocurrencies after issuing a cease and desist order to a company whose ICO allegedly had registration issues.

An SEC spokesman declined to comment.