SEC Encourages Remediation With Gentle ICO Enforcement
Law360 (August 15, 2019, 8:37 PM EDT) -- The nation's top securities regulator is defining the limits of legal initial coin offerings with increasing precision, leaning on relatively mild enforcement actions to establish its jurisdiction over the industry.
Earlier this week, the U.S. Securities and Exchange Commission filed a settled administrative proceeding against health care blockchain company SimplyVital Health Inc. over presales of digital tokens the company planned to offer through a future ICO. The SEC's issue was not that the company may have included unaccredited investors in presales, but that it allegedly failed to verify investors' accreditation status at all.
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