South Korean Lawmakers Move to Legalize New ICOs 

A group of South Korean lawmakers is seeking to legalize the launch of new cryptocurrencies
03 May 2018   1867

Rep. Hong Eui-rak of the ruling Democratic Party of Korea is leading the move championed by 10 other lawmakers. They are working to have a bill backing the move endorsed this year.  This is the first parliamentary challenge to the government's ban on domestic ICO imposed late last year to curb speculative investment in cryptocurrencies.

The bill is aimed at legalizing ICOs under the government's supervision… The primary goal of the legislation is helping remove uncertainties facing blockchain-related businesses.


Hong Eui-rak

The representative of Democratic Party of Korea

He said the bill was based on a joint study by his office and the Korea International Trade Association (KITA).

The bill does not mean unlimited ICOs, but ones initiated by public organizations and research centers committed to promoting and developing blockchain technology.

According to the bill, ICOs will be subject to tight supervision by the Financial Services Commission and the Ministry of Science and ICT.

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   410

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.