US Securities and Exchange Chairman Jay Clayton raised concerns about virtual currency offerings or so-called initial coin offerings. He noted that ICOs are  similar to securities offerings by firms required to register with the SEC. However, he was concern that there is a significant lack of information about online platforms that list and trade the virtual coins and tokens that are offered in such ICOs. Clayton highlighted the potential for misconduct, including price manipulation and trading practices. An SEC investigation into two ICOs, announced in September, is ongoing. Earlier this year, the SEC's Office of Investor Education and Advocacy issued an investor alert warning about the risks associated with ICOs.