SEC halts food review service's initial coin offering

SEC halts ICO from Restaurant Review App

And in a move closely watched by industry observers, Clayton reiterated that he had no patience for those who argue that the physical token - the object given to investors who participate in an initial coin offering - is not a security, and that ICOs should therefore be exempt from the SEC's normal securities law. He also advised enthusiasts to do their research and approach opportunities that "sound too good to be true" with a healthy dose of skepticism, encouraging the cryptocommunity to ask questions and demand clear answers.

Addressing the massive hype around cryptocurrencies, blockchain and ICOs, Clayton offered his "general views" on the current state of affairs in the market. Initial coin offerings, a cryptocurrency-based twist on the initial public offering fundraising process, have raised more than $3 billion by some estimates.

The market for cryptocurrencies has reached new heights in 2017, with bitcoin appreciating over $1,500% and gaining its own futures market. "This extends, for example, to securities firms and other market participants that allow payments to be made in cryptocurrencies, set up structures to invest in or hold cryptocurrencies, or extend credit to customers to purchase or hold cryptocurrencies". "The Crown" was the year's most savored show.

Munchee consented to the SEC's cease-and-desist order without admitting or denying the findings.

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This indicates that the SEC plans to enforce action to address ICOs for registration violation even if there are no inquiries with the said ICO.

Regardless, the organization has made it known for some time that it will treat non-utility tokens as securities. Munchee has refunded its investors, according to the SEC.

He also signalled that the SEC is watching crypto-cash closely, saying that "just as the SEC has a sharp focus on how USA dollar, euro and Japanese yen transactions affect our securities markets, we have the same interests and responsibilities with respect to cryptocurrencies". Clayton also cautioned that no ICO has been registered with the SEC and that any trading of cryptocurrencies should be done with a considerable amount of care. "The SEC also has not to date approved for listing and trading any exchange-traded products (such as ETFs) holding cryptocurrencies or other assets related to cryptocurrencies", he said. "If any person today tells you otherwise, be especially wary". The funds in a token are used to mine various cryptocurrencies like Bitcoin, DASH, Ethereum, Monero, Litecoin, Z-cash, and others.

The SEC said it would not seek a penalty against Munchee because the company shut down the coin offering quickly and returned the proceeds to investors without issuing tokens.

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