I'm Not a Crypto Evangelist, CFTC Chairman Says

The head of the U.S. commodities regulator had a clear message: he is not a supporter for cryptocurrencies
17 April 2018   674

The Chairman of the Commodity Futures Trading Commission (CFTC), Christopher Giancarlo, denied his involvement in the promotion and support of the cryptocurrency. This is reported by CoinDesk.

Talks that Giancarlo is a supporter of bitcoin had began in February, after his report to the Senate committee. In it, in particular, he stated that "we owe it to this new generation to respect their enthusiasm about virtual currencies with a thoughtful and balanced response, not a dismissive one." At the same time, he advised legislators to study cryptocurrencies and fight against scammers who use the credulity of inexperienced investors.

Now the head of the CFTC said that he did not expect such a big reaction of the cryptocurrency community to his speech: in addition to tens of thousands of new subscribers on Twitter, he had his own hashtag # CryptoDad.

I neither expected nor desired that a few words spoken during a Senate hearing broadcast on C-SPAN would lead to an Andy Warhol '15 minutes of fame.' Nor was I - or am I - a virtual currency evangelist.
 

Christopher Giancarlo

The Chairman, Commodity Futures Trading Commission

He also recalled that "get rich quick schemers" and "shady entrepreneurs" are common in the cryptocurrency sector, but that they are joined by "a growing contingent of professional, institutional users."

What I had acknowledged at that Senate hearing is the existence of a community that views technology as an agent of social change. Many of them have come of age during the 2008 financial crisis - the same crisis to which Bitcoin had emerged in response.
 

Christopher Giancarlo

The Chairman, Commodity Futures Trading Commission

Mister Giancarlo also reminded that the Commodity Exchange Act contains no reference to cryptocurrencies, so the law must be reinterpreted to fit new technology - assuming it is not revised by legislators. 

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   223

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.