As a seasoned crypto investor with years of navigating the ever-changing landscape of digital assets, I must say that this latest development between the US Securities and Exchange Commission (SEC) and TrustToken is not entirely surprising. The crypto sphere has long been a target for regulatory scrutiny, and the Gary Gensler-led commission seems to be taking an aggressive stance in ensuring compliance with securities laws.
As a crypto investor, I recently learned that TrustToken, the company behind the TrueUSD stablecoin, has agreed to settle charges with the US Securities and Exchange Commission (SEC). In this settlement, both TrustToken and TrueCoin were identified as offering unregistered securities to investors, according to the market regulator. This means that I, as an investor, should be cautious about my investments in these platforms and ensure they are compliant with SEC regulations.
US SEC and the TrueUSD Genesis
It’s quite frequent that crypto and Web3 companies under the leadership of Gary Gensler are accused of fraud, with the regulatory body stating these firms were offering TUSD as unregistered securities.
According to the U.S. Securities and Exchange Commission (SEC), the smart contract-based lending platform, TrueFi, controlled by a pair of individuals, functioned as a securities brokerage. The specific allegations cover actions taken from November 2020 through April 2023.
This agreement arises following the regulatory fine imposed on FlyFish Club, amounting to $750,000, to settle a securities accusation.
This is a breaking news, please check back for updates!!!
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2024-09-24 21:01