Lawyer: The US SEC’s consent order in the ICO case indicates that the non-existent SAFT token may actually be a security

According to The Block, the US SEC signed a consent order for the settlement of the unregistered securities issuance case for Simple Vital Health, Inc. The SEC describes the Future Token Simple Agreement (SAFT) and future promised tokens as securities. Civil punishment was not ordered because of its voluntary compliance with the SEC's requirement to not hold ICO and refund investor funds. Under the consent order, SimplyVital told investors and the public that it is developing the blockchain agreement Health Nexus from 2017 to 2018. SimplyVital said that in order to raise funds to develop the agreement, it will sell tokens for the future dHealth Cash (HLTH), which is used in the ecosystem, and plans to issue 200 million HLTHs. Prior to the start of the sale, SimplyVital made a pre-sale, providing SAFT, and once SimplyVital created the token, it would deliver the token. Prior to the provision and sale of HLTH through SAFT, SimplyVital did not file a securities law registration statement covering its issuance and sale with the SEC, and the SEC stated that no exemptions were available. SimplyVital arranged major crowdfunding activities after completing the pre-sales. The SEC staff contacted the company and its decision was no longer made. The company has not created any tokens and has not delivered any tokens to SAFT's pre-sale buyers.