PANews reported on October 25 that according to The Block, the North American Securities Administrators Association (NASAA) said this week that investigations involving technology and digital assets increased significantly in 2023. NASAA's latest law enforcement report shows that among the new investigations opened in 2023, 343 involved digital assets, 144 involved pledge services, and 205 involved fraud on social media, a significant increase from 2022.
The report also pointed out that state regulators have stepped up enforcement actions against the crypto industry, working with the U.S. Securities and Exchange Commission (SEC), including filing charges against unregistered crypto lending products such as TradeStation Crypto. NASAA said that many frauds take advantage of the wave of technological innovation and the widespread connectivity of social media to carry out scams such as the so-called "pig killing plate". Regulators also pay close attention to projects such as high-yield investments and pledge services, believing that some pledge services constitute unregistered securities.
