Louisiana residents are advised by Mayor to consider ICO

Joel Robideaux, Mayor-president of Louisiana city, has offered that the region government found its own cryptocurrency
16 April 2018   1447

The Louisiana town of Lafayette is financially struggling and it was allowed in a presentation that property tax issues are scarce and that the money-tank towards operations is working for nothing. The general methods of getting municipal funds have been proposed, for example raising taxes, and seizing independent land. Joel Robideaux, the mayor-president of the town, is reasoning of going in a different way.

Robideaux is recommending local citizens to consider starting an initial coin offering (ICO) to increase the necessary funds under the suggestion that the earnings will go to “build a living lab of blockchain researchers and developers”.

According to reports by the Acadiana Advocate, the profits of the project is  ambiguous, and Robideaux did not afford a clear reason why exactly the district should consider this supply other than the prospective to “develop solutions targeting government inefficiencies, and, more importantly, alternatives for financing public infrastructure.”

In order to receive the believe for his idea, Robideaux claimed that it’s “not just a bunch of global libertarians that want unregulated, untraceable and secure digital currency transactions,” pointing out that despite cryptocurrency is “the recognition of global stakeholders that the world of banking, finance and payment systems is forever changed, that the world of healthcare, government and possibly every other industry is about to be disrupted.” Then Robideaux has underlined that he aims the proceeds of the fundraiser to “build a living lab of blockchain researchers and developers” but did not manage to put forward any specifications on this lab’s location, cost, or any particulars features about it.

Robideaux has mentioned Lafayette should look to its culture to widen its budget declaring that their “cultural economy is the low-hanging fruit. It already exists and it can only get bigger,” and that it “will become the stabilizing force in our budget.”

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   159

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.