US SEC begins offering the Howeycoin ICO

WMGroomAK · May 17, 2018

Say what you want about the US Securities and Exchange Commission (SEC) when it comes to banking and regulations, however they have probably made one of the best trolls out there to try and push back against all of the fake Crypto ICOs that have been springing up. The SEC has decided to 'launch' a fake cryptocoin of their own known as the Howeycoin as an ICO. Their launch website has all of the basic generic language that someone may be looking for, however should someone be brave enough to try and invest, the site will redirect them to an informational SEC page from the commission explaining fake websites and scams.

https://www.techspot.com/news/74671-sec-launched-fake-cryptocurrency-educate-investors-dangers-ico.html

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It seems the Securities and Exchanges Commission has taken the age-old mantra of "If you can't beat 'em, join 'em" to heart.

As reported by The Verge, the Commission today launched a fake initial coin offering (ICO) website promoting what they call "HoweyCoins" - a clear reference to the Howey Test, which is a system the Commission uses to determine whether or not an investment falls under their legal jurisdiction.

The website in question is certainly elaborate. The SEC created an official HoweyCoins logo, a Meet the Team page, fake user testimonials, and even a large "15% bonus" countdown timer.

On the HoweyCoins website, the SEC claims the fake currency is "officially registered" with the US government and will trade on an "SEC-compliant exchange" where users can buy and sell the pseudo-cryptocurrency for profit.

The website also claims the coins can be redeemed for merchandise, exchanged for other cryptocurrencies or cash and spent at "participating" airlines and hotels.

Naturally, the SEC's goal with this website goes beyond simply pranking the public. In the wake of numerous cryptocurrency scams that have allowed creators of fraudulent cryptocurrencies to run off with millions of investor dollars, the SEC is clearly attempting to educate the public on avoiding these scams entirely.

Indeed, if you click any of the "Buy Coins Now!" buttons on the HoweyCoins website, you'll be taken to an official informational SEC page where the Commission explains the fake website and gives visitors tips to dodge real scams in the future.

I think this is a wonderful troll by the SEC as even though it may not stop people from creating fake ICOs, it at least should begin getting the public aware and given that it is getting press, that adds to the awareness level. It also shows that the SEC is trying to take cryptocurrency seriously and may have future plans on how to better secure and shore up actual investments and monetary transfers.

Howeycoin site: https://www.howeycoins.com/index.html