US SEC Report Notes Trading Suspensions, Actions Against Crypto Firms in 2019
Adrian Zmudzinski's original article for cointelegraph.com reduced by 58%
The United States Securities and Exchange Commission suspended securities trading of 271 issuers this year, including some digital assets. The SEC released its annual report for the fiscal year of 2019 on Nov. 6, in which the regulator also noted that the number of suspensions is only slightly lower than last year's 280.31 court-ordered asset freezes in 2019.
In April, the SEC temporarily suspended trading in the securities of the cryptocurrency exchange Bitcoin Generation, "Due to concerns about the accuracy and adequacy of information in the marketplace." Per the report, the SEC took action against a number of digital asset issuers over fraud or violating the registration provisions of federal securities law in 2019. The SEC also took similar action against an initial coin offering rating site, ICO Rating, that did not disclose that projects had paid for coverage. "Collectively, these actions send the clear message that, if a product is a security, regardless of the label attached to it, those who issue, promote, or provide a platform for buying and selling that security must comply with the investor protection requirements of the federal securities laws." The SEC brought its case against Vertaseum and its CEO in August when it claimed that the entities conducted a fraudulent and unregistered ICO from late 2017 to 2018.
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