Crypto Weekly (Okt. 2nd, 2019)
Weekly recap...
- EOS settled with the SEC related to the sale of its ERC-20 tokens.
- ETH testnet split into two chains - shouldn't affect upgrade timeline
Center Story
1. EOS emerges from ICO era a survivor
Block.one (EOS) announced a settlement with SEC for $24 million
Block.one (organization backing EOS) settled with the SEC for conducting an unregistered securities offering in 2017-2018. Specifically, the SEC judged EOS' ERC-20 tokens were sold to investors with the expectation of profit.
The settlement was for $24 million. This pales in comparison to the ~$4 billion EOS raised but that's how much was raised globally. Hard to say how much of that came from US investors.
The ERC-20 tokens were what the SEC deemed to be securities, not the underlying EOS blockchain tokens that were subsequently launched.
EOS' settlement with the SEC shows...
Good lawyers matter. And cooperating with regulatory bodies > not cooperating with regulatory bodies (see: Kik). Don't expect the old ICO market to return, despite what some say was a lenient settlement. One lawyer believes that the SEC has implicitly deemed EOS to be non-securities. If true, this means EOS has come out of the ICO era a suvivor with a very big war chest.(Sourc...Reports you may have missed
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