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SEC Settles with Blockchain based Health Care Platform SimplyVital Health in Regards to Initial Coin Offering

The Securities and Exchange Commission (SEC) filed an Administrative Proceeding earlier this week regarding an initial coin offering (ICO) affiliated with SimplyVital Health – a company that pursued an ICO in late 2017 and early 2018. The SEC claims that SimplyVital sold unregistered securities. SimplyVital apparently sold “Health Cash” tokens (HLTH) in a crowdfunding round. The plan was to create 200 million HLTH tokens with a presale offering 40 million tokens to investors in a SAFT.

The SEC has now settled with the company.

A document posted on the SimplyVital Health website states the settlement with the SEC now allows management to “refocus on developing blockchain-based solutions to emerging value-based healthcare programs.”

CEO Kat Kuzmeskas stated:

“We are pleased to put this matter behind us and are looking forward to the next stage in SVH’s evolution. Recently, SVH launched its “sana” services design with the goal of enabling physicians participating in the Centers for Medicare and Medicaid Services value-based care program to provide improved care while minimizing financial penalties.”

According to the SEC filing:

In total, from September 25, 2017, to April 3, 2018, SimplyVital raised more than 15,200 ETH (equivalent to approximately $6.3 million USD as of April 3, 2018) from 52 individuals or ICO pools who invested through the company’s pre-sale. Of the more than 15,200 ETH raised, at least 13,800 ETH (more than $5.2 million USD) came from purchasers with whom the company had not taken reasonable steps to verify accredited investor status.”

In January of 2019, SimplyVital announced it would not issue the HLTH tokens and all funds would be returned to investors. This decision came following outreach from the SEC staff.

The SEC reports that substantially all of SimplyVital’s assets have been returned to investors.

Importantly, the SEC has decided not to impose a civil penalty, in light of the actions taken by the firm.

This is not the first time the SEC has pursued an enforcement action by an ICO issuer with many prior settlements including a financial penalty and, in some cases, a requirement to file registration statements – a costly pursuit.

It is interesting to note the relatively mild actions by the SEC for a post- DAO report offering.

The seminal DAO report has been considered a line in the sand for ICO issuers with the Commission mainly pursuing post-DAO offerings or blatant acts of fraud. The DAO report was published by the SEC on July 25, 2017.

This approach by the SEC Enforcement Division may encourage other ICO issuers to proactively contact the Commission and possibly settle on similar terms.

The US ICO industry has largely accepted that almost all token offerings are securities and thus must adhere to existing securities law. ICOs have morphed into security token offerings (STOs) filed under one of three securities exemptions (Reg A+, Reg D, Reg CF). Some industry participants hope that Congress will take legislative action to create a safe harbor for utility token offerings similar to what is occurring in other global jurisdictions.

Several digital asset issuers have received No-Action letters regarding the issuance of a digital asset following direct communication with SEC staff. Most recently, Pocketful of Quarters received a No-Action Letter for the issuance of a token which was not deemed to be a security.


SEC v. SimplyVital Health ICO 33-10671


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Source: Initial Coin Offering Search Results
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SEC obtains restraining order against firm that raised $14.8M in initial coin offering

The U.S. Securities and Exchange Commission has obtained a temporary restraining order against Veritaseum, which raised $14.8 million in an initial coin offering in 2017, and its founder Reggie Middleton.

The SEC claimed in an emergency filing Monday with the U.S. District Court for the Eastern District of New York that Middleton, through Veritaseum Inc. and Veritaseum LLC, illegally raised funds via the sale of unregistered securities.

Since ruling that coins or tokens offered in ICOs could be securities in 2017, the SEC further clarified its stance in April via its “Framework for ‘Investment Contract’ Analysis of Digital Assets.” That framework defines factors the SEC considers as to whether an ICO is a security include an expectation of profit, whether the token relates to the achievement of a future product and whether the ICO is creating or supporting a market for a digital asset.

In the case of Veritaseum, the SEC claims Middleton and his companies made “material misrepresentations and omissions about the unregistered securities”and that his companies “knowingly misled investors about their prior business venture.”

According to the lawsuit, Middleton pitched VERI tokens, the tokens offered in the Veritaseum ICOs as software, even going as far as calling them gift cards — thus making the offering illegal. “There was no registration statement filed or in effect for the offers and sales of VERI, and no exemption from registration applied,” the lawsuit noted.

The illegal activity does not stop there. The SEC also alleges that Middleton was involved in a “pump-and-dump” scheme on an unnamed exchange, artificially inflating the price of VERI tokens by 315% in the process.

The temporary restraining order prevents both Middleton and Veritaseum from selling any funds from its ICO, but just how much of those funds are left is another question. Veritaseum was last in the news in July 2017 when $8.4 million in tokens offered by the company in its ICO was allegedly stolen by hackers. “Allegedly” is the key term here, since it was noted at the time that the hackers sold the stolen tokens on the open market to raise funds in actual Ethereum tokens.

The market responded to the lawsuit as would be expected. VERI tokens dropped almost 53%, to $6.94. The decline in the popularity of the token is not new, however, since its price peaked at $474.09 in January 2018, according to figures from Coinmarketcap.

Image: Veritaseum

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Source: Initial Coin Offering Search Results
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Norwegian Air adds 2 more Argentina destinations

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Source: ICO Inc News
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BA-owner IAG says well positioned for Brexit fallout



Friday, 2 Aug 2019 05:16am EDT 

Aug 2 (Reuters) – British Airways owner IAG ::CEO WILLIE WALSH SAYS GROUP IS VERY WELL POSITIONED IN CASE OF A HARD BREXIT DUE TO FLEXBILITY; CURRENTLY PLANNING ON A ‘SENSIBLE BREXIT’.SAYS TRANSATLANTIC PREMIUM ‘REALLY GOOD’; PREMIUM SEAT SALES PERFORMING VERY WELL.SAYS CAN’T PUT A FIGURE ON COST OF POSSIBLE BA INDUSTRIAL ACTION; SAYS OTHER PARTS OF IAG WOULD ‘TAKE ADVANTAGE OF UNFORTUNATE SITUATION’.SAYS I DON’T BELIEVE ALL AIRLINES OPERATING TODAY WILL BE OPERATING IN A YEAR’S TIME; IAG IN A POSITION TO TAKE ADVANTAGE.SAYS SLOWING GROWTH IN VUELING THIS SUMMER .SPEAKING TO ANALYSTS ON CONFERENCE CALL. 

Source: ICO Inc News
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Blockstack becomes first company to get SEC approval for an initial coin offering

Reports of dubious initial coin offerings targeted by the U.S. Securities and Exchange Commission are a dime a dozen, but a New York City-based company seeking to raise money in a token sale is making headlines for the right reason: It’s the first company to gain SEC approval for an ICO.

Blockstack PBC, a startup that has built a blockchain-based network for decentralized apps, obtained approval from the SEC on Wednesday for its proposed $28 million ICO, according to The Wall Street Journal. Approval was granted under Regulation A+, a regulation established under the Jumpstart Our Business Startups Act that allows for companies to raise up to $50 million in an alternative way to an initial public offering.

The unique feature of the approval is that it allows the general public to invest. Other companies in the past, without having specifically gained approval from the SEC, have undertaken ICOs under Regulation D, a regulation that allows private offerings such as ICOs but limited to accredited investors.

Approval from the SEC did not come cheap for Blockstack. Founder Muneeb Ali told the Journal that they spent $2 million to get approval for their ICO.

Blockstack comes into its new ICO having already gone down the ICO path before, raising $47 million from accredited investors in a 2017 ICO under Regulation D, according to CoinDesk. The company has also previously raised about $5 million venture capital funding.

The company itself appears to be promising, though its pitch isn’t different from dozens of other blockchain-based companies offering a Dapps platform to raise money. Blockstack said it now hosts more than 165 applications on its decentralized network, a healthy number.

The ICO will offer Stacks tokens that can be used to register digital assets such as domain names, write and enact smart contracts and process transaction fees on its network. The new Blockstack ICO starts Thursday at 11 a.m. EDT.

Image: Blockstack

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Source: Initial Coin Offering Search Results
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Fitch Ratings Says British Airways Fine Highlights Global Airline Cyber Risk

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Source: ICO Inc News
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Microsoft’s cloud-first focus impacts companies stuck with legacy workplace technology


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UK’s ICO Says Personal Data Of About 500,000 British Airways Customers Compromised In 2018 Data Breach



Monday, 8 Jul 2019 02:48am EDT 

July 8 (Reuters) – UK’s Information Commissioner’s Office (ICO)::ICO ANNOUNCES INTENTION TO FINE BRITISH AIRWAYS.BRITISH AIRWAYS HAS COOPERATED WITH ICO INVESTIGATION AND HAS MADE IMPROVEMENTS TO SECURITY ARRANGEMENTS SINCE DATA BREACH CAME TO LIGHT.PERSONAL DATA OF ABOUT 500,000 BRITISH AIRWAYS CUSTOMERS COMPROMISED IN DATA BREACH INCIDENT, WHICH IS BELIEVED TO HAVE BEGUN IN JUNE 2018.INVESTIGATION FOUND THAT INFORMATION WAS COMPROMISED BY POOR SECURITY ARRANGEMENTS AT BRITISH AIRWAYS.INFORMATION COMPROMISED AT BRITISH AIRWAYS FOUND BY ICO INCLUDES LOG IN, PAYMENT CARD, TRAVEL BOOKING DETAILS, NAME & ADDRESS INFORMATION. 

Source: Ico Trends Search Results
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India- Frozen Cocktails Market: Global Key Players, Trends, Share, Industry Size, Growth, Opportunities, Forecast To 2025

(MENAFN – GetNews) Summary:

A new market study, titled ‘Discover Global Frozen Cocktails Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.

Introduction

The worldwide market for frozen cocktails is valued at xx million dollars in 2018, reaching xx million dollars by the end of 2025, increasing at a CAGR of xx percent in 2019-2025.

The global food & beverage industry is one of the most vital sectors owing to the emphasis on foods. The rising populace is the primary driver of the industry. The need for variety in foods and changing consumption patterns is vital to its success. Inclination towards health & wellness is expected to be the foremost focal point and will lead to development in the launch of various products.

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This study covers the following companies with sales, income and market share for each business: Manchester Drinks Harvest Hill Beverage Cocktail Natives Kold Cocktails Four Blue Palms Snobar Cocktails Arbor Mist Winery The Absolut The Ico Co N1ce Company

Food ingredients are the primary focus of consumers owing to elevated health consciousness levels among consumers. Preference of consumers for calorie-specific labeling is likely to drive sales of foods. Transparency has become a talking point with various food manufacturers changing their production lineup. This can be attributed to various recall of food products in various countries. With food safety becoming a priority, manufacturers are averse to taking risks which can put a dent in their bottomline margins. Blockchain has been implemented to pinpoint any major issues and ensure minimum bottlenecks in the production line. Snacks are expected to be in high demand due to changing lifestyles.

Product size Cosmopolitan Martini Mojito Margarita Strawberry Daiquiri Sangria By Form Ice Popsicles Freezer Pouch Drinks Market size Horeca Liquor Stores Online Retailers End User Specialty Stores. Market size by Region North America United States of America Canada Asia-Pacific China India Japan South Korea Indonesia Singapore Malaysia Philippines Thailand Vietnam Europe France UK Italy Spain Central & South America Brazil Rest of Central & South America Middle East & Africa GCC Countries Turkey South Africa

Food packaging contains latest materials keeping in mind the views of consumers. Plastic and paper are two of the biggest options, with plastic the most preferable due to being produced at low costs. For instance, Novolex creates packages in both formats but in recyclable formats. Shelf-life is also a vital aspect considered to ensure the freshness of the product. Stringent guidelines of federal agencies which regulates packaging has been adhered by manufacturers. Artisanal products are in high demand thanks to superior craftsmanship and premium value.

Get Detailed Report athttps://www.wiseguyreports.com/reports/4158639-global-frozen-cocktails-market-insights-forecast-to-2025

The years regarded in this research to estimate Frozen Cocktails ‘ market size are as follows: History Year: 2014-2018 Base Year: 2018 Estimated Year: 2019 Forecast Year 2019 to 2025. This study involves the value (US$ million) and quantity (K MT) market size estimate. Top-down and bottom-up methods were used to assess and validate the size of the market for frozen cocktails, to assess the size of multiple other dependent submarkets on the general market. Key market players were recognized by secondary research and their market shares were determined by main and secondary research. Using secondary sources and checked primary sources, all percentage stocks, splits, and breakdowns were determined

Frozen Cocktails Market: Global Key Players, Trends, Share, Industry Size, Growth, Opportunities, Forecast To 2025

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Source: Ico Trends Search Results
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Cayman Islands: CyDEC explores latest trends and the future landscape of the digital economy

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The 2nd annual Cayman Islands Digital Economy Conference recently welcomed over a hundred delegates to the Kimpton Seafire Resort & Spa to discuss fintech, blockchain, cryptocurrency, digitization of education, ICO’s and what it all means for the future of Cayman’s digital economy.

Acting Premier Hon. Moses Kirkconnell

Acting Premier Hon. Moses Kirkconnell opened the conference saying Cayman is the jurisdiction of choice for financial services, fintech and digital services and highlighted how the Cayman Islands government is working to keep up with the evolving technology.

Hon. Tara Rivers, Minister of Financial Services and Home Affairs

Minister of Financial Services, Hon. Tara Rivers touched on the importance of the digital economy to the Cayman Islands and how the Ministry is working to strengthen the jurisdiction in a manner consistent with our reputation as a global leader in financial services.

A day after the announcement of Facebook’s own digital currency, Libra, Justin Fisher, CEO and Co-Founder of VeriBlock gave a fascinating presentation on the pros and cons of this system and how this will allow billions of users to make financial transactions across the globe in a move that could change the worlds banking system.

With the dramatic highs and lows of the cryptocurrency landscape in recent years, Nolan Bauerle, writer and researcher at CoinDesk delved into the current cryptocurrency climate and discussed how far the digital economy has come, finishing on a discussion around AI and how it will impact our lives. 

As the integration of digital technology becomes apparent in our everyday lives, Kwaku Aning, Director at Center for Innovation and Entrepreneurial Thinking discussed how the digitisation of education practices can both improve and hinder our children’s way of learning as we move from ‘old school’ to ‘new school’ systems.

ICO’s remain an opportunity for international financial centres, such as the Cayman Islands according to Ravi Bahadursingh, Barrister at Chancery Lane Chambers, who explored how these risks can be manged and where this structure is headed in the future.

Expert panels featuring international and local experts focused on how regulators should manage the risks associated with fintech and what the future of the digital economy might look like and how our lives are being ‘disrupted’.

Glenda McTaggart, Senior Manager Education Programme at DART (left). Ethan Cronier, Student at St. Ignatius School (middle). Caylem Hill, Student at Cayman International School (right)

The conference also brought together students from local schools that recently competed in the Dart Minds Inspired “Rover Ruckus” challenge to discuss the importance of this programme in Cayman and demonstrate their fascinating robotic creations.

Conference organiser and Director of FTS, Paul Byles, said, “The speakers for this year’s conference truly captured what the digital economy signifies and how these developments will impact our way of life and the way we do business in the Cayman Islands.” 

Thanks to the support of conference sponsor, Cayman Tech City, ten young students were invited to to attend the conference who had expressed an interest in technology through the CEC “Summer in the City” internship programme.

“With an eye to the future, Cayman Enterprise City is inspiring the next generation to pursue technology-driven careers by connecting students with the experts, supporting forward-looking programs like CyDEC and providing engaging learning opportunities within Cayman’s special economic zones,” explained Kaitlyn Elphinstone, VP Marketing Cayman Enterprise City.

“The second annual Cayman Islands Digital Economy Conference was once again a huge success and I am grateful to the speakers, sponsors and delegates who attended without which this conference would not be possible,” said Mr Byles.

CyDEC would like to thank its sponsors Ministry of Financial Services, Ministry of Commerce, Planning & Infrastructure, Tower, EQI, Ministry of Commerce, Cayman Tech City, Veriblock, Health City, Cayman Islands Chamber of Commerce, Ministry of District Administration, Tourism & Transport, Digital Cayman, Deloitte, Pinnacle Media and Hurley’s Media.

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Source: Ico Trends Search Results
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