The SEC has created a fake cryptocurrency website to teach people about ICO scams
It’s been said that experience is the best teacher, and that’s presumably why the US Securities and Exchange Commission has created a website promoting a fake initial coin offering. Users who click “buy now” are sent to an informational site about ICO scams.
Howeycoins.com: The phony coin is named for the Howey Test, which can be used to determine whether a given asset meets the legal definition of a security or an investment contract like a stock or bond. The Howey Test has become a hot topic in cryptocurrency circles as the SEC grapples with whether or not some digital coins should be subject to regulations designed to protect investors against fraud.
Now that’s commitment: Kudos to the SEC for its thoroughness in designing a website that fits right in among the many out there selling scam coins. The agency even created a fake white paper (PDF). Now let’s hope prospective Howeycoin buyers learn their lesson.