SEC goes on the warpath, Blockvest shut down
The American Securities Exchange Commission (SEC) has been intensifying its investigations of ICOs and widening the issue of subpoenas. As ongoing investigations leave many existing ICO projects that are operating unsure of future outcomes, some have started action to resolve, such as Iconomi, which is changing itself to a security token and buying back unwanted tokens at a premium if necessary.
Against this backdrop, the CFTC suggested this week that core developers and others should not be responsible for their networks legally but dApp (Distributed App Developers) could find themselves in the legal hot seat if it can be proved they should have seen the future use of their software in violation of security laws.
And the SEC hit one ICO, Blockvest, and its founder Reginald Buddy Ringgold with an emergency court order to stop their activities saying they had fraudulently been claiming to have SEC approval and relations with other companies in their ICO pre-sales. The company had been claiming to have a fully compliant and approved crypto exchange and index fund.
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