SAN FRANCISCO — Robert Cohen, the head of the U.S. Securities and Exchange Commission’s cyber unit, warned on Thursday that the agency may seek more severe sanctions against issuers of initial coin offerings if they continue to flout securities regulations.

In a keynote address at the annual Securities Enforcement Forum West event, Cohen said the agency put participants in the ICO space on notice of how securities laws apply through last summer’s “DAO Report,” numerous speeches by SEC Chairman Jay Clayton, and the Munchee ICO enforcement action, which did not result in any penalty.

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