US Securities and Exchange Commission Settles with EOS

finally got the bill for its $4 billion ICO, after a monetary settlement with the US Securities and Exchange Commission. The Block.One company received a monetary fine of $24 million for failing to register the preliminary EOS token as a security while raising funds.

The EOS token sale took an entire year, with daily auctions to distribute tokens. Then, the token was swapped for a new asset that works as a utility coin. In the past, the US SEC has deemed crypto tokens as securities, as long as they were used to raise funds and offered future returns. But older ICOs, such as (ETH) went without sanctions.

Newer ICOs, however, received increasing scr…

This article appeared first on Cryptovest

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