Indiana Secretary of State Connie Lawson is again reminding Hoosiers to be cautious about investments involving Initial Coin Offerings (ICOs) and cryptocurrency-related investment products. She is also reminding those who seek to sell these products to be aware of the laws pertaining to these investments. If these products qualify as securities, they should be registered with the appropriate regulatory agencies or qualify for an exemption from registration. The registration process provides some protection for investors by subjecting the offering to regulatory review. But even registered offerings can be fraudulent. Investors therefore should perform their own thorough due diligence before investing in any ICO or cryptocurrency-related product. In May, the North American Securities Administrators Association (NASAA), of which the Secretary of State’s Office is a member, launched “Operation Cryptosweep.” This ongoing initiative is a coordinated series of investigations into ICOs and cryptocurrency-related investment products. To date, there have been 47 enforcement actions involving ICOs or cryptocurrency-related investment products throughout North America by state and provincial securities regulators. The Secretary of State, Securities Division can be reached at 317-232-6681 or through its website at