EOS Price Spikes 10% as Block.One Agrees to Pay $24-Mln Fine to SEC

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  Yuri Molchan

  Tue, 10/01/2019 - 09:53

  📰 News

  The EOS price has surged 9 percent on the news of Block.One agreeing to pay a $24-mln fine to SEC for conducting an unregistered ICO in 2018

On Tuesday, October 1, the EOS creator Block.One shared the news that the company has reached a settlement with the US SEC on paying $24 mln as a fine in connection with the ICO that Block.One conducted between the summers of 2017 and 2018.

Block.One is going to pay the fine without either admitting or denying the SEC’s accusations on selling unregistered securities to investors.

https://t.co/LgcclYjBIb moves forward with “Neither Admit nor Deny” settlement with the U.S. SEC. No token is required to be registered as a security. SEC grants https://t.co/LgcclYjBIb an important waiver for future business. https://t.co/mczOVvegVD

— block.one (@block_one_) September 30, 2019

The EOS price has surged 10 percent on the news, becoming the second largest-growing coin on the top 14 list after Tron (TRX) earlier today. However, at press time, EOS is showing only a 7-percent rise.

Block.One settles the matter with the regulator

The SEC demanded a one-time fine to be paid concerning the ICO conducted on Ethereum before EOS launched its own mainnet and the ERC-20 tokens migrated to it.

Since those coins are no longer in circulation, the SEC does not require them to be registered as securities.

Block.One has commented on the matter as follows:

We are excited to resolve these discussions with the SEC and are committed to ongoing collaboration with regulators and policy makers as the world continues to develop more clarity around compliance frameworks for digital assets.

EOS recent hard fork

As reported by U.Today recently, on September 23, Block.One conducted an EOSIO hard fork to implement the EOSIO v1.8.

The EOSIO team called that the biggest upgrade on the network so far.