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SEC Gets Criticism From Its Own Team Over Coinschedule Fine

Published 07/15/2021, 03:40 AM
Updated 07/15/2021, 04:00 AM
SEC Gets Criticism From Its Own Team Over Coinschedule Fine

  • The SEC is settling charges with Coinschedule.
  • The fine is because the entity took monetary payments in return for good reviews.
  • Two members of the SEC criticize the SEC for this move.

The USA’s federal agency — Securities and Exchange Commission (SEC), is giving a fine to the obsolete Initial Coin Offering (ICO) from the review website — Coinschedule.com. In detail, the charges are for breaking the anti-touting provisions from the federal securities law.

Specifically, a release on July 14 came from the SEC. This highlights the fact that Coinschedule did not disclose that it was receiving compensations from virtual asset issuers in exchange for favorable reviews.

Therefore, the SEC is making the terms of settlement clear, Blotics, previously known as Coinschedule, has a huge fine to pay. In particular, the penalty includes a payment of $154,434 as well as $43,000 for disgorgement. This amount does not include the additional interest.

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