Miner.farm Crypto Currency Community Forum
Browse and post your favorite coin/crypto news, miner.farm and PiMP OS updates and announcements, mining guides, overclocking tips, and more...
Note: To change your forum username: login, click your avatar icon (top right?), Edit Profile. Change the "full name" field to your preferred username.
- Configuring the rig: Help / Getting started videos
- How to fix problems: Troubleshooting guides
- How to mine different algos / setup wallets: Strategy guides
- Keys and Downloads: your Miner.farm account page
- Post your rig pics to the rig showcase so we can all check out your awesome builds!
- Please subscribe/like/follow us on social media
SEC Suspends Trading in Publicly Traded `The Crypto Company´ after 2500% Rise
**The Securities and Exchange Commission (SEC) announced “the public interest and the protection of investors require a suspension of trading in the securities of The Crypto Company.” It’s the second time this year the SEC has gone after crypto-affiliated, publicly traded companies. **
Also read: Tezos Foundation Board Member Quits
SEC Suspends The Crypto Company
Effective 9:30am EST today, continuing through midnight 3 January 2018, “pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of [The Crypto Company] is suspended,” the notice reads.
According to the filing, “concerns regarding the accuracy and adequacy of information in the marketplace about, among other things, the compensation paid for promotion of the company, and statements in Commission filings about the plans of the company’s insiders to sell their shares of The Crypto Company’s common stock” have raised too many unanswered questions for the regulator.
In only one month’s time, its stock has risen more than 2,500 percent, and its executives were getting rich, potentially. Bloomberg pegs its president as holding “a stake valued at nearly $4.2 billion based on Monday’s closing price.”
The SEC filing continues, explaining questions “concerning potentially manipulative transactions in the company’s stock in November 2017” caused it to intervene.
A surf to the company’s investor page gave only a 404 message, Page Not Found. Otherwise, the site appears to be active, selling itself as a consulting, technology, and portfolio firm. It lists five team members who are “multi-disciplinary” and who understand “blockchain technologies.” The company purports to “deliver domain expertise to our clients, partners, portfolio companies and the broader investment community.”
Business Insider quotes CEO Mike Poutre defiantly claiming they “are fully reporting and get halted. SEC is sending the wrong message. We are working with counsel and will handle things appropriately,” he said.
This is at least the second example in 2017 of the SEC stepping-in after a public company affiliates with the crypto space. Back in August, another Nevada registered company, CIAO Group, Inc., raised the regulator’s hackles “concerning, among other things, the activities of the company with respect to business plans in the telecommunications industry and plans for an Initial Coin Offering or ICO,” leading to “the opinion that the public interest and the protection of investors require a suspension of trading in the securities” of CIAO Group, Inc.
Especially during the Year of Bitcoin, companies looking for a free ride on crypto-related hype better make doubly sure they’re in full compliance. They are being watched.
What are your thoughts about the SEC’s getting more active in the crypto space? Let us know in the comments section below.
Images courtesy of Pixabay, The Crypto Company, SEC.
Bitcoin is a decentralized digital currency that enables near-instant, low-cost payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: transaction management and money issuance are carried out collectively by the network. Read all about it at wiki.Bitcoin.com.
The post SEC Suspends Trading in Publicly Traded `The Crypto Company´ after 2500% Rise appeared first on Bitcoin News.
We promise to keep your email safe and never spam you.
© 2014-2021 Miner.farm | By Miners, For Miners | Portable Instant Mining Platform, LLC