CBOE head Chris Concannon predicts ‘reckoning’ for ICOs

Initial coin offerings or ICOs are not going to meet a welcoming approach from the regulators, implies Chris Concannon, the head of Cboe Global Markets. The latter company owns the Chicago Board Options Exchange which appeared in the headlines of the crypto media last year in connection with the first ever Bitcoin futures.

The ‘reckoning’ will consist of two phases. Phase One will be monitoring and assessment, while Phase Two will be full of busy days for the press, as a myriad of lawsuits is going to be opened.

The statement of Chris Concannon has been reported by Business Insider, the same outlet notes that ICO founders have more reasons for concerns than ICO participants - although technically, those who resold tokens could become classified as unregistered underwriters.

"If you sold someone an unregistered security you are liable to them if they decide to take them to court," states Chris Concannon.

Contrary to this, Cornell University professor Robert Hockett thinks that the Securities and Exchange Commission responsible for the regulation of the ICO sphere would likely not sue anyone who participated in the market, although some exceptions are possible. The scientist likely refers to cases when an ICO firm sells tokens through seemingly-independent proxies which are actually underwriters of the main company.

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