Today on our DC Forecasts crypto news site we tackle the shutting down of a dozen successful but illegal actions related to token sales by the U.S Securities and Exchange Commission just as the fiscal year ended on September 30.
Nearly half of these sales managed to raise more than $68 combined from investors right before getting shut down. However, this is just a small portion of the actual $3.9 billion collected by the SEC for different penalties during fiscal 2018.
According to the SEC report:
“Given the explosion of ICOs over the last year, we have tried to pursue cases that deliver broad messages and have the market impact beyond their own four corners.’’
In the report also, the Division of Enforcement as a part of the SEC formed a new Cyber Unit that helped this agency focus on cyber-related misconduct. For this reason, the Commission managed to bring down more than 20 cases including those involving ICOs and the Division opened more than 200 cyber-related investigations some of which are still ongoing.
Further, in the SEC report, we can read that:
“While many of these cases have involved allegations of fraud, the Division also has pursued enforcement actions to ensure compliance with the registration requirements of the federal securities laws. In the past year, the Division has opened dozens of investigations involving ICOs and digital assets, many of which were ongoing at the close of FY 2018.”
The Securities and Exchange Commission is now going after other crypto-related entities and startups that are unregistered or show up as unregistered brokers that facilitate token sales.
Bitmain Sues Three Former Employees Who Founded Rival Mining Pool
IBM And Stellar Partnership In Jeopardy Amid Exec Disruption
Samsung Taps Blockchain And 6G, Seeks Collaboration With Firms
“We should challenge ourselves with a resolution to make new foundations, moving beyond the scope of protecting our past achievements,” Lee noted, confirming the news that Samsung taps blockchain.As we reported last month in our altcoin news section, the budget smartphones by Samsung will start to include cryptocurrency and blockchain features. Meanwhile, crypto and blockchain functionalities have already been confirmed for the Samsung S10 phone and will be included in other Galaxy smartphone models, too. At the end of April, one anonymous source also claimed that Samsung could eventually develop its own public-private blockchain which will be completed with its own token. This confirms the craze for blockchain technology and innovation that is currently spreading among Asian conglomerates.
First Legally Registered DAO Created By Blockchain Devs dOrg
“dOrg asked us to help design a DAO legal wrapper after discovering the potential of BBLLCs. We believe that dOrg is now the first legal entity that directly references blockchain code as its source of governance. Its material operations and ownership interests are managed entirely on-chain.”The dOrg group also noted that the BBLLC registration process should become much easier:
“We want to make what we just did accessible to anyone in the world. Ultimately, the process of configuring and deploying a legally registered DAO will be as easy as creating a social media account.”The ConsenSys-backed ‘’smart legal contracts’’ as previously explained in the coming altcoin news, project OpenLaw proposed a new Ethereum dapp called Incomshare.me which helps students to tokenize income share contracts and to take participation in secondary markets with them. The contracts help the students commit negotiated portions of future salaries. The Incomeshare.me platform uses the ethereum blockchain to host these contracts. OpenLaw community member Josh Ma noted
“As this alternative model for funding higher-education becomes more popular, enabling a secondary market would accelerate its adoption by providing liquidity and opportunities to mitigate risk, both attractive qualities for investors.”
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