SEC fined Sia Network blockchain

SEC fined Sia Network blockchain project for unregistered sale of securities

Nebulous Inc. is a developer of Sia decentralized cloud storage. settled the proceedings with the SEC and US exchanges (SEC).

According to the SEC, in 2014-2015. Nebulous “offered and sold securities requiring registration”. In this way the company violated the provisions of the law “On securities”.

SEC fined Sia Network blockchain project for unregistered sale of securities

Mentioned by the SEC securities were called “Siastock” and gave their owners the right to receive “a percentage of future profits from transactions in the Sia network and the custom Nebulous application, which was at that time in development”, as well as “SiaNotes”, which represented a “promise of future payments”.

SEC fined Sia Network blockchain project for unregistered sale of securities

As part of the settlement of claims, Nebulous agreed to pay a fine and transfer the illegally acquired property for a total of $ 225,000.

“According to the order, the SEC did not use enforcement measures in relation to the Siacoin token or the current activity in the Sia network. Besides, the order does not imply the registration of the Siacoin token as a security in the SEC, “the company writes..

“Although we are annoyed that the SEC decided to impose a fine almost double the amount we collected in 2014 year The amount, especially against the backdrop of the soft measures taken against EOS, we see the resolution of this situation as an extremely positive development for Sia. The SEC has decided not to take action against Siacoin and thus we believe it has approved the Sia model based on two tokens. We will continue to build and improve the Sia network at a fast pace, ”commented Zach Herbert, COO of Nebulous..

Previously became known, that the SEC fined EOS developer Block.One $ 24 million due to an unregistered ICO, during which it managed to raise over $ 4 billion.

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