EOS shows resilliance as Block.one fined $24 million by SEC
|- Block.One fined by SEC for the breach of federal legislation.
- The company will have to pay a fine in the amount of $24 million.
- EOS/USD is gaining ground, trading above critical $3.00.
Block.one, the company behind EOS ecosystem reached an agreement with the Securities and Exchange Commission (SEC) in connection with a year-long ERC-20 tokens sale . The company agreed to pay a fine in the amount of $24 million, though it neither admitted or denied the SEC’s charges.
The financial regulator pointed out that EOS token sale lasted nearly one year after the publication of The DAO collapse report. Meanwhile, the company did neither register its initial price offering (ICO) as a security offering as required by Federal law nor applied for a waiver.
“We are excited to resolve these discussions with the SEC and are committed to ongoing collaboration with regulators and policy makers as the world continues to develop more clarity around compliance frameworks for digital assets,” the company said in the press-release.
Meanwhile, Block.one explains that the charges relate specifically to the ERC-20 token, which is no longer in circulation.
EOS/USD is on the rise
EOS/USD is changing hands at $3.00, off the intraday high reached at $3.13. The coin has gained about 10% of its value on a day-on-day basis amid the global recovery on the cryptocurrency markets. If the price stays above $3.00, the recovery may be extended towards the next bull’s target at $3.50 protected by SMA100 (Simple Moving Average) and SMA200 four-hour.
On the downside, the initial support is created by $2.66 ( the lower line of four-hour Bollinger Band).
EOS/USD, four-hour
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