According to Cointelegraph, on November 6, the US Securities and Exchange Commission (SEC) issued its annual report for the 2019 fiscal year. The report shows that this year the SEC suspended a total of 271 securities transactions, including digital assets, the total number is only slightly lower than last year's 280.
- DeFi Finance is the future: starting with borrowing, but not just borrowing
- Analysis: What opportunities, challenges and risks will be brought by blockchain technology for digitalization of securities?
- The Fed is hiring digital currency executives, and the “Join Refund” plan has been forced to restart?
- Popular Science | Raising Ethereum's Block Gas Limit will accelerate state data growth?
- "Farewell Hayek": Conjecture on the Development Space of STO in China
- Ling listen to 丨 ant gold clothing layout block chain core 3
Freeze 31 assets
The report pointed out that a Nevada company lied that it had partnered with a SEC-qualified custodian to conduct cryptocurrency transactions and provided SEC-regulated token products as an example.
In April, due to concerns about the accuracy and adequacy of market information, the SEC temporarily suspended the cryptocurrency exchange Bitcoin Generation.
In addition, in 2019, the SEC also executed 31 asset freezes with court orders for various misconducts, up from 26 in 2018. According to the report, the SEC penalized many digital asset issuers who fraudulently violated federal securities law registration requirements in 2019.
This year, the SEC also filed the first allegation of illegally promoting cryptographic assets against two celebrities – producer Jared and professional boxer Floyd Mayweather – because they did not disclose to the public that they charged The fact of the fee.
The SEC also took a similar action against a first-time coin-issuing (ICO) rating website, which did not disclose the fact that the report was paid. In the end, the two sides reached a settlement, and the SEC imposed a fine of US$268,998 for violating the anti-selling regulations.
At the same time, this year the SEC collected more than $4.3 billion in fines through 862 enforcement actions, of which nearly $1.2 billion was returned to the victims. In response to lawsuits against non-compliant digital currency companies and products, the SEC concluded:
If the product is a security, its distribution, promotion or trading platform must comply with the investor protection requirements of the federal securities laws, regardless of the label attached.
Continuous investigation of unregistered ICO projects
According to reports, the court ordered Reggie Middleton to pay a $8.4 million refund, the chief executive of Veritaseum, a blockchain company registered in Delaware and New York. The fee includes a portion of the illegal income and $500,000 in pre-trial interest.
In August, Vertaseum and his CEO were SEC litigated for fraudulent investors through unregistered ICO projects between late 2017 and 2018.