The the States Securities too Exchange Commission (SEC) has issued a temporary interruption of First Bitcoin Capital, a publicly-traded bitcoin theater based out of Canada.
According to an SEC statement, the interruption began at 9:30am EDT on August 24 too volition in conclusion until 11:59am on September 7. First Bitcoin Capital was a publicly-traded enterprise (Symbol: BITCF), too its part toll had risen to a greater extent than than 6,000% inward 2017. At the fourth dimension trading was suspended, the BITCF part toll was $1.79. Citing the Securities Exchange Act of 1934, the SEC chose to suspend trading due to concerns virtually First Bitcoin Capital’s assets too majuscule structure:
The Commission temporarily suspended trading inward the securities of BITCF because of concerns regarding the accuracy too adequacy of publicly available information virtually the fellowship including, alongside other things, the value of BITCF’s assets too its majuscule structure. This guild was entered pursuant to Section 12(k) of the Exchange Act.
According to the fellowship website, First Bitcoin Capital is involved inward several unlike cryptocurrency projects, including a mining group, a bitcoin ATM too banking company tally cashing service designed for cannabis dispensaries, too a bitcoin exchange. However, several of the projection websites incorporate cipher except for a contact form.
Following word of the SEC suspension, Bronstein, Gerwitz & Grossman, LLC–a corporate litigation boutique with locations inward New York, New Jersey, too Los Angeles–released a shareholder alarm announcing an investigation in to potential claims on behalf of purchasers of BITCF shares. According to the announcement, the police theater specializes inward the “aggressive pursuit” of course of educational activity activity safety litigation too securities arbitration. First Bitcoin Capital did non directly response to CCN’s asking for comment.
SEC Eyes Cryptocurrency with Closer Scrutiny
The cryptocurrency ecosystem has come upward nether increasing scrutiny from the SEC inward recent months. In July, the SEC released an investigative report concluding that DAO tokens constituted a security, too that, past times extension, “U.S. securities laws may apply to offers, sales, too trading of interests inward virtual organizations.” For this reason, Filecoin restricted its record-setting initial money offering (ICO) to accredited investors. Other ICOs convey attempted to skirt securities regulations past times prohibiting the States investors from participating. However, most investors are savvy plenty to operate a VPN to bypass IP restrictions, too it is non clear whether IP blocking is plenty to found regulatory compliance. Featured ikon from Shutterstock.
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