The United States Securities and Exchange Commission (SEC) tightens its grip on unregistered ICO executors. The makers of EOS have to pay $24 million.
The press release reads, “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.”
Moreover, the SEC emphasizes that Block.one did not provide the ICO investors with material information. And this is a violation of the securities laws.
Consequently Block.one has consented to pay off the one-time civil monetary penalty. But it has neither admitted nor denied the SEC’s investigation results.
That said, Block.one made an interesting official revelation. According to the announcement the particular ERC-20 token is no longer traded or in circulation. With this settlement, all is good between the SEC and Block.one.
Non-disclosed waiver favors Block.one
The Block.one website announcement states that the company received an important waiver from the SEC. It exempts Block.one from a set of restrictions around such settlements. However, it is noteworthy that the SEC doesn’t mention anything of that kind.
Block.one seems to be breathing a sigh of relief as the long impending issue settles. Likewise, the excitement about the special waiver is high as it is an indicator of the SEC’s trust. This way, the Commission shows that it believes that Block.one will adhere to compliance policies in the future.
Previously, Altcoin Buzz reported that Block.one bought $25 million worth of RAM.
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