US SEC Announces Annual Report for FY 2019: A total of 271 securities transactions including digital assets were suspended this year

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.

Case-law-677940_960_720

(Source: Pixabay)

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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Unveiling SBF's Defense Draft of up to 250 Pages I Did What I Believe Was Right

SBF traced his development journey, from his childhood in Palo Alto to the top floor apartment he purchased near the ...

Opinion

Wall Street Journal Binance Empire on the Verge of Collapse

After the collapse of FTX, the largest cryptocurrency exchange in the world seems to be Binance. However, less than a...

Opinion

Forbes Binance's Golden Touch, how did they turn failed ICO tokens into unexpected fortunes worth billions of dollars?

In this article, we will see a detailed analysis by Forbes of BNB's initial token issuance and the subsequent years' ...

Bitcoin

Restoring the entire process of asset transfer: $6.02 million stolen from the DragonEX exchange

In the early morning of March 24th, Beijing time, the DragonEX exchange issued a notice stating that its platform dig...

Blockchain

The original market maker is not "Zhuang"? What is the significance of the coin safety ball recruitment market?

On September 30th, the company announced that it has launched the Global Markets Program and will recruit Market Make...

Blockchain

Exchange captures EOS super nodes

The rise of Staking's economy has driven the business of PoS mining and has broken the power structure of EOS su...