SEC accused the Quantstamp blockchain company of unauthorized ICO – Bits Media

The United States Securities and Exchange Commission brought a Quantstamp company to conduct an ICO unauthorized by the ICO regulator and put up penalty requirements.

SEC accuses Quantstamp of, that the company violated US laws on securities, When I sold more 5000 investors during the primary ICO 2017 years of QSP own tokens in the amount, exceeding $28 million. The regulator counts, that Quantstamp directly indicated the possibility of increasing the cost of tokens as a direct consequence of the company's future successes. Officials insist: After the ICO, the Quantstamp team announced the desire to ensure the availability of QSP tokens for third -party trading in digital assets.

Objection of QuantStamp about, that QSP tokens are not securities and therefore are not subject to registration, Sec was rejected. The regulator insists, that this does not comply with any known legislative norms, Since buyers of QSP "reasonably expected to make a profit from the efforts of QuantStamp".

QuantStamp administration decided to resolve
Legal dispute, without recognizing or refuting the conclusions of SEC. The company paid a penalty in the amount $2,5 million with interest for preliminary court decision, as well as a civil fine in the amount $1 million.

Earlier, SEC lawyers said, that the decision of the judge, Ripple operations in secondary markets, made erroneously and in the near future can be revised.