Thursday, 24 September 2020

SEC brings charges but doesn't fine unregistered initial coin offering

The Securities and Exchange Commission settled charges Wednesday against Gladius Network LLC for allegedly conducting an unregistered initial coin offering or ICO.
The Washington, DC-based company raised approximately $12.7 million in digital assets to finance its plan to develop a network for renting spare computer bandwidth to defend against cyberattacks and enhance delivery speed but did not register its ICO under the federal securities laws, and the ICO did not qualify for an exemption from registration requirements.
The company self-reported to the SEC in the summer of 2018 and settled without admitting or denying the findings.
The SEC did not impose a penalty but Gladius will return funds to those investors who purchased tokens in the ICO and who request a return of funds, and then register its tokens as securities.

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