San Francisco
THE cautionary words of US regulators have done little to chill a red-hot market for new virtual currencies sold by startups.
The Securities and Exchange Commission issued its first warning late last month for the many entrepreneurs who have been raising money by creating and selling their own virtual currencies in what are called initial coin offerings (ICOs). At that point, hundreds of projects had raised more than US$1 billion.
Yet even after the commission said it was looking closely at projects that may violate its rules, programmers are still embarking on new offerings at a torrid pace. Most of the offerings have little legal oversight and some appear to conflict with the commission's...
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