EOS grinds higher in the wake of Block.one’s $24 million settlement with the US SEC
|- EOS community appreciate that Block.one has settled with the SEC to ensure a smooth running into the future.
- Block.one says that settlement was made against the ERC-20 token sold on Ethereum blockchain and in no way affects EOS token on EOSIO blockchain.
EOS is among the biggest single-digit gainers on the market on Tuesday, October 1. With a 3% gain value at the time of entering the European session, EOS has stepped above $3.0 resistance zone. The remarkable recovery follows a devastating downtrend from highs marginally above $4.2 to a low of $0.24 last week.
In the latest development, Block.one, EOS official developer has agreed to settle charges filed against by the US Securities and Exchange Commission (SEC) for the year-long initial coin offering (ICO) in 2017 where it raised billions of dollars. According to the SEC:
“The company agreed to settle the charges by paying a $24 million civil penalty.
Adding more details to the matter, the Co-Director of the SEC’s Division of Enforcement, Steven Peikin said:
“Block.one did not provide ICO investors the information they were entitled to as participants in a securities offering.”
Block.one neither confirmed nor denied the findings of the SEC’s report. However, the regulator did not specify any other charges against Block.one or EOS. Commenting on the matter, Block.one said:
“The settlement relates specifically to the ERC-20 token sold on the Ethereum blockchain… which is no longer in circulation or traded, and will not require the token to be registered as a security with the SEC. The settlement resolves all ongoing matters between Block.one and the SEC.”
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