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Seamico Securities Gets Green Light from Thai SEC to Fire Up ICO Portal

Seamico Securities, which has been awaiting the green light to fire up an ICO portal called SE Digital inThailand, says it has been informed by the Thai Securities and Exchange Commission that it may, “initiate its business.”

As per a letter hosted on the Seamico website:

“According to the Reference letter(,) Seamico Securities Public Company Limited…informed the Stock Exchange of Thailand that SE Digital Company Limited… a 99.99% subsidiary of the Company(,) has obtained an approval to operate as an ICO Portal but subject to demonstrating the readiness of the ICO Portal platform.”

“Please note that the Office of Securities and Exchange Commission has informed SE Digital on 7 October 2019 that the operational system to operate as an ICO Portal is ready and SE Digital would be able to initiate its business.”

Seamico describes itself as a, “professional financial company…offer(ing) innovative investment products,” in Thailand. The company “officially launched” in 1974, and, “has been approved by the Ministry of Finance and the Securities and Exchange Commission to engage in business activities related to the securities industry including Securities Brokerage, Securities and Derivatives Trading, Investment Advisory, Securities Underwriting, Financial Advisory, Derivatives Agent and Asset Management.”

The letter was written by Chaipatr Srivisarvacha, Seamico vice chair and CEO and addressed to the president of the Stock Exchange of Thailand.

Elevated Returns Founder and President Stephane de Baets used the announcement as an opportunity to promote his own company’s efforts to establish a similar “digital asset” portal in Thailand.

Of note, de Baets and Elevated Returns previously issued the Aspencoin security token based on a real estate asset that was said to be the first of its kind.

The successful launch of the Thai portal, de Baets and Elevated hope, will be followed by a pan-Asia expansion.

Baets tweeted:

“We are thrilled to announce that Seamico Securities, an invaluable component of the Elevated Returns investment portfolio, has been granted its full digital assets portal license by the Thailand Securities Exchange Commission.”

“As Elevated Returns has its own application in process with the Thai SEC for a digital assets private exchange license–technology built entirely in Tezos blockchain–our goal is to first establish a full ecosystem in Thailand before expanding operations to other countries such as Taiwan, Korea, Japan, the Philipines, Indonesia and Singapore. Seamico’s latest development falls perfectly in line with our global strategy, and paves the way for the launch of a series of investment tokens to the general public through regulated and compliant offerings. Though the digitization of financial markets is certain, the path to implementation and adoption is rigorous. Therefore, we applaud Seamico Securities for accomplishing this milestone achievement.”

Sandwiched between Elevated’s tweets regarding SE Digital and Seamico is another one in which Baets announces that, “Capital flight into crypto and alt coins is happening @ElevatedReturns.”

A twitter user responded, asking, “Where? I cannot see anything happening!”

Baets did not elaborate.

Source: Ico Search Results
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Coffee prices should recover in 2 years: ICO’s Sette

For several years now, coffee growers worldwide have been reeling under the impact of low prices on excess supplies as growth in production outpaced consumption. However, prices have stabilised now as the downtrend has stopped and a recovery is expected in about two years, says Jose Dauster Sette, Executive Director of the International Coffee Organisation (ICO), the apex inter-governmental body of the producing and consuming nations. In an interview with BusinessLine on the sidelines of a curtain-raiser to announce ICO’s World Coffee Congress, which will be held in Bengaluru in September 2020, Satte said boosting consumption can help offset rising production. Excerpts:

I think there are a couple of aspects — Brazil, the world largest producer has a biannual cycle – One year on and one year off. We are coming back to the on year again. If it is a very strong production year, that will have a continued negative impact on prices. If we can grow consumption at a faster rate, then that will alleviate all our problems. World consumption is growing at 2 per cent a year.

If we can make consumption grow faster, it will help everybody. This is not a short-term solution. India is a key market for global consumption growth.

Coffee consumption in India is very low at 100 grams per person, per year. Countries like Brazil consume 6 kg per person every year. India has a huge middle class, larger than the whole population of Brazil. There’s an enormous potential to grow the consumption here. Boosting consumption is mainly the work of the private sector. In many countries generic promotion campaigns have played a significant role, which is something that can be studied. Measuring consumption is a big challenge. There are many challenges especially in producing countries. It is hard to measure the crop. If you don’t know what the crop is, then it is hard to measure all the other parts of the equation. So, what we know is that consumption is less volatile than production. It varies less from year-to-year. And the overall trend I think we know well. This 2 per cent growth in global consumption is very robust, and there is widespread agreement in the coffee world about it.

There is no widespread agreement on the production. So there is a lot of divergence and controversy.

Prices have stabilised over the last year at a very low level. Hopefully within two years we should see signs of recovery. Even analysts feel prices have bottomed out.

It is still in the early stage. We hope that consumers will become more and more conscious of all the work and the effort that is required to grow their cup of coffee and that they will make this known to the roasters so that the roasters will feel the need to look at the beginning of the supply chain and support the growers better.

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SEC Files ‘Emergency’ Restraining Order Against $1.7 Billion Telegram ICO

FRANCE-INTERNET-COMMUNICATION

This illustration picture taken on August 16, 2019 in Paris shows a smartphone showing the Telegram app logo. (Photo by GEOFFROY VAN DER HASSELT / AFP) (Photo credit should read GEOFFROY VAN DER HASSELT/AFP/Getty Images)

AFP/Getty Images

The United States Security and Exchange Commission has filed an emergency action and obtained what is at least a temporary restraining order against Telegram, the encrypted messaging app that raised $1.7 billion by selling tokens similar to bitcoin that could be used on a future service.

According to the complaint, Telegram Group Inc. sold approximately 2.9 billion crypto-tokens, called grams, to 171 purchaseers around the world, including 39 based in the United States. Telegram said it would launch its blockchain-powered service by the end of this month, and deliver the tokens before that time.

While the action is notable in the amount Telegram raised, and that the company claims to have as many as 200 million users, it remains to be seen what effect it might have on the company, which is officially headquartered abroad, and has already proven defiant to some authorities.

“Our emergency action today is intended to prevent Telegram from flooding the U.S. markets with digital tokens that we allege were unlawfully sold,” said Stephanie Avakian, co-director of the SEC’s Division of Enforcement in a statement. “We allege that the defendants have failed to provide investors with information regarding Grams and Telegram’s business operations, financial condition, risk factors, and management that the securities laws require.”

The SEC filed its complaint today in federal district court in Manhattan, charges the defendants with violating two registration provisions of the Securities Act, and seeks certain emergency relief, as well as permanent injunctions, disgorgement with prejudgment interest, and civil penalties.

Last year Russia started blocking access to Telegram, prompting the founder to speak out in defense of user privacy created by such encrypted messaging services, according to a Reuters report.

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The United States Security and Exchange Commission has filed an emergency action and obtained what is at least a temporary restraining order against Telegram, the encrypted messaging app that raised $1.7 billion by selling tokens similar to bitcoin that could be used on a future service.

According to the complaint, Telegram Group Inc. sold approximately 2.9 billion crypto-tokens, called grams, to 171 purchaseers around the world, including 39 based in the United States. Telegram said it would launch its blockchain-powered service by the end of this month, and deliver the tokens before that time.

While the action is notable in the amount Telegram raised, and that the company claims to have as many as 200 million users, it remains to be seen what effect it might have on the company, which is officially headquartered abroad, and has already proven defiant to some authorities.

“Our emergency action today is intended to prevent Telegram from flooding the U.S. markets with digital tokens that we allege were unlawfully sold,” said Stephanie Avakian, co-director of the SEC’s Division of Enforcement in a statement. “We allege that the defendants have failed to provide investors with information regarding Grams and Telegram’s business operations, financial condition, risk factors, and management that the securities laws require.”

The SEC filed its complaint today in federal district court in Manhattan, charges the defendants with violating two registration provisions of the Securities Act, and seeks certain emergency relief, as well as permanent injunctions, disgorgement with prejudgment interest, and civil penalties.

Last year Russia started blocking access to Telegram, prompting the founder to speak out in defense of user privacy created by such encrypted messaging services, according to a Reuters report.

Source: Ico Search Results
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SEC Is Holding Settlement Discussions With Allegedly Fraudulent ICO Organizer Reggie Middleton

The US Securities and Exchange Commission (SEC) has reportedly initiated settlement discussions with Reggie Middleton, the manager of Veritaseum’s (VERI) $14.8 million initial coin offering (ICO).

In August, the SEC Enforcement Division announced charges against Reginald “Reggie” Middleton who allegedly engaged in fraud related to a digital securities offering. At the same time, the courts granted an emergency freeze of some funds.

At that time, Middleton’s Attorney, David Kornblau, a Partner at Covington & Burling, issued a statement regarding the SEC enforcement action:

“This is a meritless action by the SEC and we look forward to proving that in court. Mr. Middleton and Veritaseum have acted appropriately and been truthful about the company’s innovative software platform. While disappointed by the court’s decision to temporarily freeze the company’s assets, we are pleased the judge rejected the SEC’s request to freeze Mr. Middleton’s personal assets.”

According to a filing submitted to the New York Eastern District Court (released on October 2), the federal regulator noted that it held discussions with the defendants ahead of a pretrial conference.

The SEC’s latest settlement discussions with the Veritaseum ICO organizer have been announced shortly after two other settlements were entered by the regulator over unregistered digital securities offerings. 

On October 1, distributed data storage startup Sia managed to finalize a $225,000 settlement over its $120,000 raise. On September 30, EOS developer Block.one was ordered to pay a $24 million fine for raising $4.1 billion without proper regulatory approval.

Middleton has previously claimed that VERI tokens are not securities. He has been accused of misleading investors about the token’s long-term value. He also has referred to VERI tokens as “software” while also comparing them to prepaid gift cards.

Additionally, Middleton has been accused of manipulating the value of the tokens after the ICO, and misappropriating around $520,000 of investors’ funds.

On October 8, Magistrate Judge Ramon E. Reyes rescheduled the pre-trial conference for November 14. 

Source: Ico Search Results
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Defendants Charged in Fraudulent ICO to Pay…

(HedgeCo.Net) The Securities and Exchange Commission announced that it has obtained a final judgment against the proprietors of the PlexCoin Initial Coin Offering (ICO), who consented to a judgment enjoining them from future violations of the antifraud provisions of the federal securities laws and ordering them to pay nearly $7 million.

According to the SEC’s complaint, filed Dec. 1, 2017, PlexCorps, and its proprietors Dominic Lacroix and Sabrina Paradis-Royer, fraudulently raised millions of dollars in virtual and fiat currency from the unregistered sales of securities called PlexCoin based on a series of false and misleading statements to potential and actual investors, including misrepresentations about the size and scale of PlexCorps’ operations, the use of funds raised in the PlexCoin ICO, and the amount of funds raised in the PlexCoin ICO.

On October 2, 2019, the U.S. District Court for the Eastern District of New York, entered a final judgment against PlexCorps, Lacroix, and Paradis-Royer. Pursuant to the final judgment, the Defendants, without admitting or denying the allegations in the SEC’s complaint, are enjoined from further violations of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933, and Section 10(b) of the Securities Exchange Act of 1934 and Rule l0b-5 thereunder, and Lacroix and Paradis-Royer are additionally enjoined from participating in any digital-securities offerings. All Defendants are ordered to disgorge, on a joint and several basis, $4,563,468 in ill-gotten gains from the PlexCoin ICO plus $348,145 in prejudgment interest, and Lacroix and Paradis-Royer are ordered to each pay a $1,000,000 civil penalty. Lacroix also is permanently barred from serving as an officer or director of a publicly traded entity.

The final judgment requires the Defendants to forego their rights to the entirety of the investor funds seized by a receiver appointed by the Superior Court of Quebec, totaling approximately $4 million, as well as $800,000 in investor funds held by U.S.-based entities that were subject to an asset freeze issued by the District Court. At this time, the Commission anticipates coordinating any distribution to harmed investors with the Autorité des marchés financiers of Quebec.

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Reality Gaming Group set to Expand by Selling Tokenised Equity

Publisher of mobile AR combat game Reality Clash has announced it will sell tokenised equity on TokenMarket’s investment platform to support its product development pipeline and user acquisition


Reality Gaming Group Banner

London, ENGLAND – October 7, 2019 – Reality Gaming Group, publisher of the world’s first mobile augmented reality (‘AR’) combat game Reality Clash, is embarking on its second funding round. Both private and retail investors will be able to purchase tokenised equity for its planned rapid expansion in 2020.

Reality Gaming Group will use the funds to accelerate the development of its flagship mobile game Reality Clash, an action-packed multiplayer shooter that combines a mobile AR platform and in-game digital asset trading marketplace using blockchain technology.

Tony Pearce, Co-Founder of Reality Gaming Group, said:

“Reality Clash has proven to be a hit game with real resonance – think Pokemon Go meets Call Of Duty, with tradable player-owned assets. We’re tremendously excited to be embarking on the next phase of Reality Gaming Group’s growth. As one of the first games companies to have raised capital via a utility token sale in 2017 and, successfully delivered on a blockchain based game, it’s great to offer investors a chance to share in our success by owning a piece of Reality Gaming Group’s shares.” 

In addition to supporting the development of Reality Clash, the funds raised will also be used to build new games based on the same AR and blockchain platforms, creating an ecosystem that the tokenised in-game assets can be used in.

Reality Gaming Group has also announced its intention to license its twin technology platforms for use by third party developers, so they can create their own virtual worlds and blockchain-based decentralised in-game economies:-

●  The DAT Platform (Digital Asset Trading) Platform: An open-source blockchain toolkit that enables developers and game companies to create ‘tokenised assets’, or truly-owned in-game items such as skins, weapons, apparel and more for third party games. These items can be used across multiple games, they can be sold to friends or traded on peer-to-peer marketplaces.

●  The Reality Platform: Will enable licensees to accelerate development of Augmented Reality & geo-location-enabled games for iOS and Android mobile devices. The platform also includes a pioneering Ad serving tool, allowing brands to target ads based on player locations on the map.

Ransu Solavarra, CEO of TokenMarket, added:

“Since their initial funding round in 2017, Reality Clash app has seen phenomenal growth with 40,000 active users having played the game to date.

They [Reality Gaming Group] encompass all the attributes we want to showcase to our investors. They are an innovative, unique, future-tech company that brings forth a revitalisation of gaming culture. We are delighted to be supporting the next stage of development by offering Reality Gaming Group’s tokenised equity to our community of investors.”

Reality Gaming Group recently joined the Blockchain Game Alliance (BGA), with board members including Ubisoft, Enjin, Ultra, Consensys, Alto.io, EverdreamSoft, Gimbl and B2Expand.

View Reality Gaming Groups listing page here.

More information about Reality Clash can be found here.

About Reality Gaming Group

The Reality Gaming Group is the developer and publisher of mobile AR combat game Reality Clash, which is released in early-2019 and utilises exciting blockchain technology. It is also the creator of a ground-breaking AR geo-location platform for mobile, which can be deployed across a huge range of content types. The Reality Gaming Group development team has more than 20 years’ experience across Mobile, PC, Console, AR and VR games platforms.

For more information, visit: http://realitygaminggroup.com/

Source: TokenMarket News
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Plexcoin ICO Hit with $7 Million Final Judgement in SEC Enforcement Action

It has been a big week for enforcement actions at the Securities and Exchange Commission (SEC). Beyond the routine fraud cases, the SEC Division of Enforcement has announced settlements with several high profile initial coin offerings (ICO). Today, the Plexcoin ICO landed squarely in the sights of the Enforcement Division.

According to a release, the SEC announced a final judgment against the Plexcoin ICO who consented to the judgment that enjoined the proprietors from future violations of the antifraud provisions of the federal securities laws and ordering them to pay nearly $7 million.

According to the SEC’s complaint, filed Dec. 1, 2017, PlexCorps, and its proprietors Dominic Lacroix and Sabrina Paradis-Royer, fraudulently raised millions of dollars in virtual and fiat currency from the unregistered sales of securities.

On October 2, 2019, the U.S. District Court for the Eastern District of New York, entered a final judgment against PlexCorps, Lacroix, and Paradis-Royer.

The Defendants, without admitting or denying the allegations in the SEC’s complaint, are enjoined from further violations of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933, and Section 10(b) of the Securities Exchange Act of 1934 and Rule l0b-5 thereunder, and Lacroix and Paradis-Royer are additionally enjoined from participating in any digital-securities offerings.

The Defendants must disgorge $4,563,468 in gains from the PlexCoin ICO plus $348,145 in prejudgment interest.

Lacroix and Paradis-Royer are ordered to each pay a $1,000,000 civil penalty.

Lacroix also is permanently barred from serving as an officer or director of a publicly-traded entity.

The final judgment requires the Defendants to forego their rights to the entirety of the investor funds seized by a receiver appointed by the Superior Court of Quebec, totaling approximately $4 million, as well as $800,000 in investor funds.

The SEC anticipates coordinating any distribution to harmed investors with the Autorité des marchés financiers of Quebec.

The SEC first revealed an emergency action against Plexcoin back in December 2017.

Have a crowdfunding offering you’d like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!

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ICO’s PATI Act Public Panel Discussion On Oct 2

The Information Commissioner’s Office [ICO] encourages the public to come out to the ICO’s free public Panel Discussion entitled “I Want to Know!”tomorrow [Oct 2] from 6.00pm to 7.30pm at Bermuda National Gallery.

ICO’s Free Public Panel Discussion Bermuda Oct 2019

A spokesperson said, “The Information Commissioner’s Office [ICO] encourages the public to come out to the ICO’s free public Panel Discussion entitled “I Want to Know!” Embracing the Benefits of the PATI Act”, on Wednesday, 2 October.

“The panel will be held at Bermuda National Gallery from 6:00pm – 7:30pm. This panel will bring together PATI requesters, information officers and the Information Commissioner to discuss the benefits of embracing public access to information and its importance for Bermuda. The ICO will have giveaways and light refreshments will be served.”

“This is a great chance to listen to people who are using the PATI Act,” explained Information Commissioner Gutierrez, “We’ll be talking about why the right to know is important for our community and share our hopes for the future”.

The Panel is part of the ICO’s week of events to commemorate International Right to Know Day, which was celebrated around the world on 28 September.

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Block.one Reaches $24 Mln Settlement With SEC For Unregistered EOS ICO

Blockchain software company Block.one has reached a $24 million one-time civil settlement with the U.S. Securities and Exchange Commission or SEC for running an unregistered initial coin offering or ICO for an ERC-20 compatible EOS tokens. Block.one has neither admitted nor denying the SEC’s findings.

The SEC’s order finds that Block.one violated the registration provisions of the federal securities laws.

The company behind the EOS blockchain protocol and EOS token is said to have raised $4 billion, including a portion from US investors, between June 2017 and June 2018 in the unregistered ICO. Block.one has operations in Virginia and Hong Kong.

“Companies that offer or sell securities to US investors must comply with the securities laws, irrespective of the industry they operate in or the labels they place on the investment products they offer,” said Stephanie Avakian, Co-Director of the SEC’s Division of Enforcement.

Block.one was charged of not registering its EOS ICO as a securities offering pursuant to the federal securities laws, nor did it qualify for or seek an exemption from the registration requirements. It offered 900 million tokens for sale.

Last week, Block.one opened its fourth global site located in the Washington, D.C. metropolitan region in Arlington, Virginia as its headquarters for its U.S. operations. This expands its presence and high skill job creation in the U.S.

Block.one has already committed to creating 170 high-skills jobs in Arlington over the next three years. It already employs more than 80 engineering and research and development workers in Blacksburg, Virginia.

For comments and feedback contact: editorial@rttnews.com

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EOS Blockchain Creator Block.one Pays $24 Million Fine to SEC for Conducting $4 Billion ICO, Company is “Excited to Resolve” the Issue

EOS.io on iPhone

The US Securities and Exchange Commission (SEC) has settled charges against Block.one, high-profile creator of the blockchain network EOS, for allegedly conducting an unlicensed multi-billion USD ICO (initial coin offering) crowdsale.

Block.one has agreed to pay a $24 million USD civil penalty:

“The Securities and Exchange Commission today announced settled charges against blockchain technology company Block.one for conducting an unregistered initial coin offering of digital tokens (ICO) that raised the equivalent of several billion dollars over approximately one year.  The company agreed to settle the charges by paying a $24 million civil penalty.”

Block.one is characterizing the settlement as a victory.

Block.one claims it raised $4 billion USD (without a live product) through the sale of EOS tokens in ICO token sales that began in June 2017 and continued for a year.

EOS is billed as a “decentralized application” (data system controlled by no single party) with built-in smart contract capability.

EOS purportedly offers “decentralized storage” to enterprises and individuals and aims to resolve the scalability problems hobbling blockchains like Bitcoin and Ethereum, which can sometimes take many minutes to settle a transaction.

According to Wikipedia:

“EOSIO operates as a smart contract platform and decentralized operating system intended for the deployment of industrial-scale decentralized applications through a decentralized autonomous corporation model. The smart contract platform claims to eliminate transaction fees and also conduct millions of transactions per second.”

Unfortunately, the SEC claims Block.one conducted it’s year-long ICO fundraise without properly registering EOS tokens as securities:

“Block.one, which has operations in Virginia and Hong Kong, conducted an ICO between June 2017 and June 2018….Block.one stated it would use the capital raised in the ICO for general expenses, and also to develop software and promote blockchains based on that software… Block.one did not register its ICO as a securities offering pursuant to the federal securities laws, nor did it qualify for or seek an exemption from the registration requirements.”

Block.one may have been flagrant about the timing of its ICO, the SEC’s press release suggests:

“Block.one’s offer and sale of 900 million tokens began shortly before the SEC released the DAO Report of Investigation and continued for nearly a year after the report’s publication, eventually raising several billion dollars worth of digital assets globally, including a portion from US investors.”

The release of the SEC’s DAO Report of Investigation in late July 2017 is regarded as the defining moment for ICO’s (initial coin offerings) in America.

The SEC has repeatedly stated since its DAO-era determination that ICOs are securities.

The Cease and Desist order against EOS issued September 30th clearly states:

“Based on the facts and circumstances set forth below, the (EOS) ERC-20 Tokens were securities under the federal securities laws pursuant to SEC v. W. J. Howey Co., 328 U.S. 293 (1946), and its progeny…”

The press release accompanying the DAO report tells the public unequivocally that, henceforth, “offers and sales of digital assets by ‘virtual’ organizations are subject to the requirements of the federal securities laws.”

It would take six more months for the crypto bubble to pop following the release of the SEC’s DAO Report, but anyone listening was now officially on notice.

Like many others, EOS founders apparently ignored the DAO report and proceeded with an EOS token sale to US investors and others regardless.

EOS-creator Dan Larimer had already created several crypto platforms and tokens, including Steem and BitShares.

The SEC also alleges the company did not properly inform the public when it sold the EOS ICO.

According to Steven Peikin, Co-Director of the SEC’s Division of Enforcement:

“Block.one did not provide ICO investors the information they were entitled to as participants in a securities offering…The SEC remains committed to bringing enforcement cases when investors are deprived of material information they need to make informed investment decisions.”

Block.one has consented to pay the $24 million USD fine, “without admitting or denying (the SEC’s) findings.”

In a public statement, Block.one said they were “excited to resolve” the discussions with the SEC, and said it is committed to ongoing collaboration with regulators and policy makers.

Block.one said the token in question is no longer circulating:

“The settlement relates specifically to the ERC-20 token sold on the Ethereum blockchain during the aforementioned period, which is no longer in circulation or traded, and will not require the token to be registered as a security with the SEC. The settlement resolves all ongoing matters between Block.one and the SEC.”

The company also said it has been granted “a waiver” exempting it from “certain ongoing restrictions”:

“The SEC has simultaneously granted Block.one an important waiver so that Block.one will not be subject to certain ongoing restrictions that would usually apply with settlements of this type. Block.one believes the SEC’s granting of this waiver evidences Block.one’s continuing commitment to compliance and best practices in the United States and globally.”

If Block.one had been required to register EOS as a security, it would have been obligated to engage expensive and ongoing reporting requirements.

The $24 million USD fine against Block.one represents only 0.06% of the $4 billion USD raised. Other ICO sellers have faired worse.


SEC v. Block.one EOS 33-10714


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