The US Securities and Exchange Commission’s (SEC) only job is not just Binance, Coinbase, and Ripple. It also targets other stakeholders in the industry. In the recent budget hearing, Gensler had requested an increase in staff numbers for more lawsuits. Now there is a new development regarding a recently filed case.
Crypto Case Breaking News
Blockchain security firm Quantamp has agreed to refund all of its ICO revenue from 2017 following allegations made by the US Securities and Exchange Commission (SEC). The US regulatory agency officially accused the California-based firm of selling unregistered securities through an ICO on July 21. According to the SEC’s statement, Quantstamp has agreed to resolve the charges.
The SEC’s order summarizes how Quantstamp raised over $28 million by selling local QSP tokens to approximately 5,000 investors during its ICOs in October and November 2017.
The platform intended to use the ICO proceeds to “develop and market” an automated smart contract security auditing platform. The SEC’s order emphasized the belief that Quantstamp highlighted the “significant market potential” of its service, leading QSP buyers to expect an increase in the value of their tokens. This actually helps the security test to come out clearly positive.
An interesting detail is that this token is traded on Coinbase exchange in many pairs, and the SEC will likely destroy the refunded tokens. However, whether the project can continue after refunding its revenue is currently uncertain.
