The International Organization of Securities Commissions (IOSCO) describes itself as the leading international policy forum for securities regulators, as being recognized as the global standard setter for securities regulation and as having a membership  that regulates more than 95% of the world’s securities markets in more than 115 jurisdictions.  It issued a media release today in which it warned that ICOs are highly speculative investments in which investors are putting their entire invested capital at risk.  IOSCO stated:

While some operators are providing legitimate investment opportunities to fund projects or businesses, the increased targeting of ICOs to retail investors through online distribution channels by parties often located outside an investor’s home jurisdiction — which may not be subject to regulation or may be operating illegally in violation of existing laws — raises investor protection concerns. There have also been instances of fraud, and as a result, investors are reminded to be very careful in deciding whether to invest in ICOs.

It also included a link to the communications of the warnings issued by a number of the member countries, including the U.S.


David Zaslowsky has a degree in computer science and, before going to Yale Law School, was a computer programmer. He is currently the Chairman of the Litigation Department of the firm’s New York office. His practice focuses on international litigation and arbitration. He has been involved in cases in trial and appellate courts across the United States and before arbitral institutions around the world. Many of David’s cases, including some patent cases, have related to technology. Since 2008, David has been included in Chambers for his expertise in international arbitration.