News: ICOpocalypse! SEC, Switzerland, South Korea

  • The SEC finally prosecutes an ICO! The practice run is on REcoin, who sold an ICO on tokens backed by diamonds and real estate that didn’t exist; it was particularly egregious in that not even the tokens existed. (The complaint.) Stephen Palley notes that he told you so.
  • South Korea is not so keen on ICOs either: “all forms of initial coin offerings regardless of using a certain technology or a certain name.”
  • A startling attack of good sense from no-longer-an-ICO, who decided that selling unlicensed securities was probably a bad idea, and they won’t be selling tokens until the system their token will be useful in actually, ah, exists.

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