Ex-Deloitte Chief to costruct “Ethereum of Supply Chain”

Eric Piscini has left the firm presently boasting 1,200 employees and beginning with just 3. Now, he has decided to choose a different road
21 May 2018   475

Piscini was frequently approached and tempted by Deloitte’s customers to join their companies and bring his blockchain expertise on a full-time basis to their table. Finally, the in-demand blockchain executive opted U.S.-based Citizens Reserve, which is aimed to join 2 blockchains, Ethereum and JPMorgan Chase’s Quorum, in order to build a worldwide supply chain network.

Early-stage launch of Citizen Reserve suggests a common database platform and allows each level of a supply chain to be available for users. A cryptocurrency based on the ERC20 Ethereum token standard, named “Zerv,” will be issued to all users in order to access the blockchain, and to simplify seamless cross-border and internal transactions. Zerv will also be supported by real-world assets. 

The private blockchain is more for supply chain transactions, and the public blockchain is used for payments. There is a bridge that we created that is kind of our secret sauce. We don’t give away equity in the company. That’s not where the value is going to be created. The value is going to be created at the token level, not at the equity level of the company. We have decided to start with the defense industry because we have relationships with key participants in the defense industry, and it’s a very broken supply chain across the globe. 
Eric Piscini
Ex-Executive, Deloitte

Piscini intends to restrict the involvement of speculators while keeping the token lucrative. However, it is, a struggle to detach these tokens from being termed as “securities,” as the company would invest 85 percent of the funds raised into unspecified assets. Piscini supposes that this investment will fix the price of the token and, finally, help with his original aim of dissuading speculators.

SEC to Slap ICO Founder With $30K Fine

Additionally, David Laurance, founder of Tomahawk Exploration LLC got 2 lifetime bans
15 August 2018   119

The US Securities and Exchange Commission (SEC) on Tuesday reported that it has issued two new bans directed against David Laurence, the founder of Tomahawk Exploration LLC. Tomahawk allegedly stands behind fraudulent ICO, writes CoinDesk.

Laurence, according to the SEC, raised funds through the sale of Tomahawkcoin tokens, in the process of using misleading advertising materials and fraudulent statements that it is a tenant of drilling sites.

Moreover, the sale of Tomahawkcoin tokens, according to the SEC, was accompanied by a false promise that "the holders of tokens will be able to exchange Tomahawkcoin for shares and receive a potential profit from oil production and secondary tokens trading."

According to the SEC, Lawrence neither acknowledged nor denied the charges, but he and his company agreed to these bans, as well as a fine of $ 30,000.

...Tomahawk issued tokens as part of the Bounty Program to generate interest in the ICO, which benefited Tomahawk. Distribution of tokens that are securities in exchange for promotional services to advance the issuer's economic objectives or create a public market for the securities constitute sales for purposes of Section 5 of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder.
 

SEC

The first prohibition of the SEC is a ban on the director's work in public companies, and the second does not allow Lawrence to own and trade in so-called "penny" shares. Both prohibitions, according to the announcement of the SEC, are lifelong.