The SEC has reached an agreement with the crypto ICO rating site for undisclosed payments
The SEC has reached an agreement with a crypto ICO rating website for undisclosed withdrawals but continues to track the association with unregistered crypto ICOs. This time around, however, the SEC has focused on Coinschedule as we can see more in our latest crypto news.
Coinschedule is an ICO rating site and, according to the SEC, has failed to disclose that it received payments from the ICO projects it profiled. In addition to tracking ICOs, the SEC keeps track of the websites they promote. The US SEC reached an agreement with Blotics LTD, which operates Coinschedule.com, now a defunct site with an ICOS rating. Coinschedule is designed to be a safe haven for anyone looking to deprive legitimate crypto services of fraud, and includes a trust score, a reliability rating, and an operational risk.
According to the SEC, Coinsscheudle has not disclosed that ICO issuers have paid the site to keep records of their projects. While Coinschedule neither admits nor denies the allegations, it has undertaken not to advertise any future securities projects without further disclosure. It will also be required to return $ 43,000 in winnings with interest and pay a $ 154,434 penalty. ICOs were a popular fundraising mechanism for crypto projects in 2016 and 2018. Every day people could buy coins and tokens in the hopes that one day they could be used as token currency on the blockchain network. Some ICOs like the Filecoin data storage market have turned into real offerings and many others like the Dragon Coin online casino payment system have not.
We still need crypto clarity: https://t.co/sdavXcwQQh
– Hester Peirce (@HesterPeirce) July 14, 2021
The SEC’s decision met with partial opposition from Commissioners Elad Roisman and Hester Peirce. Both agree that, under Section 17 (B) of the Securities Act, Coinschedule is required to disclose that they have been compensated for the publication and profiling of such token services, but have failed to do so. Both added in a statement that the Commission had explained which of the assets it had identified were securities. Her comments reflect the ongoing frustration of many in the crypto space about how to interpret which of the 2500 listed tokens fall under the agency’s remit:
“For market participants, there is a lack of clarity about the application of securities laws to digital assets and their transactions. In this loophole, the enforcement measures initiated and resolved by the Commission have become the necessary guidance. “
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