The SEC says Coinschedule didn’t follow the rules stipulated by the U.S. securities law.
The U.S. SEC has brought Coinschedule.com to book for allegedly going against securities laws when reviewing ICO sites.
However, two people who work with the SEC are not entirely happy with the development as it reveals the weakness of the commission.
According to the report released yesterday, Coinschedule’s crime was that it collected money for giving positive reviews about ICOs.
According to the SEC, Coinschedule has to pay $154,434 and an additional $43,000 for getting money through dishonest means.
Coinschedule lasted for three years beginning from 2016 and it served most U.S. internet users during the ICO boom. There were more than 2,500 ICOs being tagged legit on Coinschedule.com.
The SEC also went hard on Coinschedule for refusing to obey federal securities laws even after it stated in 2017 that it was possible for ICOs to be viewed as securities.
According to Kristina Littman, the one in charge of enforcing disciplinary actions against cyber crime, it is unacceptable to take money with the purpose of giving a good review.
However, two people working at the SEC insist that Coinschedule is not entirely at fault because it wasn’t clearly stated which digital assets on their list were really securities.
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