Tag Archives: sec

The last seven days weren’t so fruitful for Bitcoin. After trading in a relatively narrow range for a while before that, the BTC price gradually increased to about $9,700 on Wednesday. On the same day, however, the price tumbled during the same day and started declining.Immediately after that, Bitcoin retraced to about $9,000 before finding support and bouncing off to where it currently trades at around $9,200. The thing to consider about the movements is that they coincided with respective...

The well-known lobbyist and ex-convict Jack Abramoff had agreed to plead guilty to a cryptocurrency scam. He was operating an alleged Bitcoin fraud case that was violating existing federal lobbying disclosure regulations.Parallel Charges Against NAC, Rowland Andrade, and AbramoffOn Thursday, the U.S. SEC announced its charges against both the chief executive of NAC Foundation, Rowland Marcus Andrade, and Abramoff. The accusations consist of operating a conspiracy scheme making false and...

In what seems to be the end of a legal battle between the U.S. Securities and Exchange Commission (SEC), and the messaging giant Telegram, the latter is expected to pay a civil penalty of $18.5 million to the SEC and $1.2 billion disgorgement fee according to a proposed agreement.Telegram Agrees to Pay Disgorgement and Civil PenaltyThe U.S. SEC filed a proposed final judgment with the U.S. District Court of Southern District Of New York on Thursday (June 25, 2020). According to the court...

An SEC suit against allegedly fraudulent ICO was recently put on pause by US federal judge. Prosecutors have interfered because a parallel criminal investigation against the alleged scammers was also on the go.The Court Put On Hold A $30 Million Crypto Investment ScamA New Jersey Federal Judge has ordered the pause of SEC’s proceedings against Edith Pardo and Boaz Manor. Recently they were alleged by the Security and Exchange Commission to have raised “over $30 million” through the crypto...

Initial coin offerings (ICOs) indicted by the U.S. Securities and Exchange Commission (SEC) may see a significant reduction in fines owed following a recent Supreme Court ruling.Apex Court Caps SEC Disgorgement AbilityAccording to Bloomberg, the U.S. Supreme Court issued a ruling on Monday (June 22, 2020), placing a cap on the disgorgement sought by the SEC in fraud cases. As part of the court’s decision which came by way of an 8-to-1 majority, the Commission can no longer seek disgorgement...

A former chairman of the Commodity Futures Trading Commission – Chris Giancarlo – has come to the defense of Ripple and claimed that it is not a security.Chris Giancarlo: Leave XRP AloneRipple has been at the center of a controversial class-action lawsuit for many months, now. Several early investors claim that the company has lied about the currency’s status as a non-security. One investor has even gone so far as to claim that Ripple is a never-ending initial coin offering (ICO).To be fair,...

Six years on from the publication of its original whitepaper, Filecoin (FIL) has launched an incentivized testnet designed to test the network in realistic conditions.Aiming to build a decentralized file storage network, Filecoin carried out a $250 million ICO in 2017 – the largest Initial Coin Offering at the time. It was also the first ICO to be launched with the approval of the Securities and Exchange Commission (SEC), under a SAFT agreement – Simple Agreement for Future Tokens.According...

The President of the United States, Donald Trump, has tapped Hester Peirce for a second term as a member of the Securities and Exchange Commission (SEC) as her current one is set to expire on June 5th, 2020. Peirce is a vocal defendant of Bitcoin as she opposed the rejections of a Bitcoin-based ETF by the Commission.Hester Peirce For A Second Term At The SECAccording to a Bloomberg Law report from today, the President of the United States, Donald Trump, has nominated Hester Peirce for a...

Blockchain firm BitClave is being forced to refund all the money it earned three years ago through an initial coin offering (ICO) thanks to a settlement with the Securities and Exchange Commission (SEC).BitClave: Not the First, Not the LastThe SEC has been coming down hard on blockchain and crypto companies that allegedly fail to register their tokens as securities. Since 2017, the governing body has sought to bring all companies that do not properly register their currencies to justice and...

Blockchain-based company BitClave PTE Ltd. reached an agreement to settle all charges brought by the US Securities and Exchange Commission (SEC) and will pay back all of its 9,500 investors the $25.5 million raised in 2017.BitClave To Pay Back InvestorsThe SEC accused the “blockchain services company” that it conducted an unregistered initial coin offering (ICO) of digital asset securities in 2017. BitClave raised $25.5 million at the time by selling its Consumer Activity Tokens (CAT) to...