SEC ‘shows its teeth’

Block.One, according to a Security Exchange Commission (SEC) press statement, has been obligated to pay $24 million in penalties for conducting an unregistered securities sale by carrying out its Initial Coin Offering (ICO). Block.One is the creator of EOS, which has issued over $4.1 billion of tokens, making it the largest ICO ever. Being fined $24 million (only 0.0058%) to get a SEC waiver looks like a stunning deal for Block.One, so it is of no surprise that within hours of this announcement EOS’s token price was up by 9%.