The US Securities and Exchange Commission (SEC) recently issued an officer and director bar, a penny stock bar as well as a fine of $30,000 to one fraudulent ICO founder. As the official press release noted, SEC smacked David T. Laurence for taking part in deceitful security offerings.
As the LinkedIn profile of David T. Laurence shows, he is the president and CEO of the oil drilling company named Tomahawk Exploration LLC. He has been working in the company for over eight years.
In June 2017, Laurence started creating “Tomahawkcoins” in an attempt to raise $5 million in an initial coin offering (ICO). The project which he planned would then use the capital to drill ten wells in California.
What the SEC found suspicious here was the false information provided in Laurence’s ICO. As they stated, the ICO statements ”
used inflated projections of oil production” and claimed that Tomahawk had already obtained leases for drilling on the sites. The firm also tried to portray Laurance as a principled individual by claiming that he had a “flawless background”.
Even though the ICO was not successful in raising money – the company set up a bounty program to trade the Tomahawkcoins with online promotional services. As a result, both Laurance and Tomahawk were given cease and desist orders – and they chose to avoid denying or accepting the claims.
The SEC is now confident that scammers are luring people in their projects by offering high returns on investment (ROI) and this ‘trend’ is on the rise. This is why the agency also created a search tool at Investor.gov which contains all the details of various investment professionals – as well as a tool named SEC Action Lookup – Individuals (SALI) which will identify investors convicted by the SEC.
Justin Sun Proves Crypto Is Not A Scam By Hiring A Former SEC Official
“We’re ready to fully embrace regulation here. We’ve just hired our first head of compliance, who previously worked for the SEC for almost eight years.”TRON’s founder wants to make sure that TRON is fully regulated in the United States but also Korea and Japan. He made a point that Blockchain is a like a new operating system and that the worlds need to embrace it and be more optimistic towards regulation. He continued saying:
‘’The SEC, I think also sees the blockchain as good opportunity for innovation in the United States. I’m hoping that this year the SEC will license and regulate coin-based exchanges. This year will be the year of full regulation.’’One of the ways that Sun can make blockchain mainstream is by launching the BitTorrent Token on the Binance Launchapd. BitTorrent is a file sharing protocol that serves 100 million users in more than 130 countries. Sun acquired BitTorrent for $126 million last year. However, former chief strategy officer Simon Morris of BitTorrent said that there is no possible way for the TRON blockchain to be able to handle the transactions conducted on BitTorrent’s network but at the end, he ended up being dismissed as an incompetent employee.
UN Thinks Bitcoin & Crypto Are “The New Frontiers” In Finance, Focusing On Ripple And IOTa
“Cryptocurrencies represent a new frontier in digital finance and their popularity is growing. The decentralized networks for cryptocurrencies, bitcoin being a well-known example, can keep track of digital transactions. They enable value to be exchanged and can give rise to new business models which would otherwise require significant regulatory and institutional commitments." the report states.According to the UN, blockchain and crypto have many use cases. As it is explained in the document:
"For example, a value token called ClimateCoin is being considered as a basis for creating a global market for carbon emissions, allowing peer-to-peer exchange of carbon credits and a direct connection with the Internet of Things. It would then be possible for devices to calculate their own carbon emissions and purchase carbon credits to offset those emissions."The document also focuses on innovation and how it comes from inherent trust, citing that "the innovativeness of this system lies in the way in which the various parts combine to create the trust and guarantees that the traditional financial system derives from institutions and regulation."
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