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External and landmarks of Washington D.C. – 2016GC images
The US Securities and Exchanges Commission charged the expenses on two initial coin bids that collected a total of $ 27 million by selling tokens of unrecorded securities using the blockchain ethereum.
CarrierEQ, based in Boston, the company behind ICO 15 million for Airfox, a project to bring mobile banking to emerging markets, has agreed to pay a fine of $ 250,000 and return the funds raised.
At the online start, Paragon agreed to return the $ 12 million collected by selling tokens on the ethereum blockchain to build a legalized marijuana sales platform, and even agreed to pay a $ 250,000 penalty.
Neither Airfox nor Paragon admitted or denied the results as part of the consent to pay the penalty.
Coming less than a week after the SEC has resolved its first allegations versus a cryptocurrency exchange, the pair of charges shows the highest level of practical involvement of the regulator in space.
"We have made it clear that companies that issue securities through ICO are required to comply with the statutes and existing rules governing the registration of securities," said Stephanie Avakian, co-director of the SEC enforcement division, in a statement. & nbsp; "These cases tell those who are considering the idea of taking similar actions that continue to be in pursuit of violations of federal securities laws in relation to digital assets."
Both companies are also expected to register their tokens as securities under the Securities Exchange Act of 1934 and submit periodic reports to the commission for at least one year.
Just last week, the SEC settled his first accusations against the founder of a cryptocurrency exchange, in that case, a decentralized operation called EtherDelta that was largely based on the self-running code instead of the traditional central management. In total, the SEC penalized the creator of EtherDelta, nearly $ 400,000 as part of its ongoing investigations.
The current pair of ICO cases comes almost exactly one year after the first non-fraudulent SEC case of the SEC, Munchee, a project disabled to allow iPhone users to review restaurants using photos. & nbsp; In the Munchee case, the commission did not impose penalties on the company, which ceased operations before delivering the tokens and returned the proceeds to investors.
The charges against the Carrier EQ and Paragon come when the cryptocurrency markets in general have been hugely successful over the last seven days, rising from $ 212 billion to $ 183 billion today. Historically, regulatory decisions of this magnitude have had short-term impacts on the price of bitcoin and other cryptocurrencies.
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External and landmarks of Washington D.C. – 2016GC images
The US Securities and Exchange Commission has liquidated the charges against two initial coin bids that collected a total of $ 27 million by selling tokens of unrecorded securities using the blockchain ethereum.
CarrierEQ, based in Boston, the company behind ICO 15 million for Airfox, a project to bring mobile banking to emerging markets, has agreed to pay a fine of $ 250,000 and return the funds raised.
At the online start, Paragon agreed to return the $ 12 million collected by selling tokens on the ethereum blockchain to build a legalized marijuana sales platform, and even agreed to pay a $ 250,000 penalty.
Neither Airfox nor Paragon admitted or denied the results as part of the consent to pay the penalty.
Arriving less than a week after the SEC resolved its first allegations against an exchange of cryptocurrencies, the pair of charges shows the highest level of practical involvement of the regulator in space.
"We have made it clear that companies that issue securities through ICO are required to comply with the statutes and existing rules governing the registration of securities," said Stephanie Avakian, co-director of the SEC enforcement division, in a statement. "These cases tell those who are thinking of taking similar actions that we continue to look for violations of federal securities laws over digital assets."
Both companies are also expected to register their tokens as securities under the Securities Exchange Act of 1934 and submit periodic reports to the commission for at least one year.
Just last week, the SEC resolved its first allegations against the founder of a cryptocurrency exchange, in that case, a decentralized operation called EtherDelta that was largely based on the self-running code instead of the traditional central management. In total, the SEC penalized the creator of EtherDelta, nearly $ 400,000 as part of its ongoing investigations.
The current pair of ICO cases comes almost exactly one year after the first non-fraudulent SEC case of the SEC, Munchee, a project disabled to allow iPhone users to review restaurants using photos. In the Munchee case, the commission did not impose penalties on the company, which ceased operations before delivering the tokens and returning the proceeds to investors.
The charges against the Carrier EQ and Paragon come when the cryptocurrency markets in general have been hugely successful over the last seven days, rising from $ 212 billion to $ 183 billion today. Historically, regulatory decisions of this magnitude have had short-term impacts on the price of bitcoin and other cryptocurrencies.
