Law360 (May 28, 2020, 8:11 PM EDT) — A California blockchain services company agreed to a $29.3 million settlement with the U.S. Securities and Exchange Commission on Thursday for conducting a $25.5 million unregistered initial coin offering.
San Jose-based BitClave PTE Ltd. will return the $25.5 million it raised selling digital assets it created called consumer activity tokens to about 9,500 investors, as well as pay $3,444,197 in prejudgment interest and a civil penalty of $400,000, according to the SEC settlement the company agreed to without admitting or denying the agency’s allegations.
Between June and November 2017, BitClave sold digital tokens to fund the development of a “blockchain-based search…
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!
