Lеgal

SEC sues Chicago-based crypto merchant for unregistered securities offering

Earn money with the top Binance exchange

SEC sues Chicago-based crypto merchant for unregistered securities offering

The Securities and Exchange Commission has targeted another crypto issuer over an alleged unregistered securities offering. 

The SEC is trying to undue Chicago Crypto Capital’s $1.5 million initial coin offering for BXY tokens, according to a September 14 legal action. The agency is seeking disgorgement, or return of all investor funds, as well as penalties. 

The ICO took place between August 2018 and November 2019, well after the SEC’s 2017 DAO Report, which made the landmark determination that ICOs could be securities offerings. 

Chicago Crypto Capital, which describes itself an advisory firm «created to explore the new world of decentralized finance,» functioned as an unregistered broker-dealer in offering BXY to retail investors, the SEC has alleged.

After peaking at about $0.02 at launch in September 2019, BXY tokens are currently worth less than a thousandth of a dollar. 

The Commission is still actively pursuing cases against firms that were part of the 2017-2018 ICO boom, though such actions have largely stamped out the market for new issuances and the issuances in play have shrunk. SEC Chair Gary Gensler has pushed for more token issuers and intermediaries to register with the Commission.


Source: ethereum.today

Показать больше

Добавить комментарий

Кнопка «Наверх»
%d такие блоггеры, как: