ICO Superstore, Owners Settle SEC Broker-Dealer Charges

By Darcy Reddan (September 11, 2018, 4:49 PM EDT) -- The U.S. Securities and Exchange Commission said on Tuesday that initial coin offering "superstore" TokenLot LLC and its owners have agreed to settle claims that they acted as unregistered broker-dealers, which brings to an end the first charges brought as a result of the commission's 2017 report detailing that securities laws apply to digital assets.

The SEC said that TokenLot and its owners, Lenny Kugeland Eli L. Lewitt, touted the service as a way platform to purchase digital tokens during ICOs and also carry out secondary trading, but also generated profits from facilitating trades in violation of securities laws because of...

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