U.S. Securities Law to Cover Crypto, Judge Rules

Judge recognized as lawful the criminal prosecution of US citizen M/ Zaslavsky, who was arrested on charges of deceiving investors and conducting 2 scam ICO
12 September 2018   180

The ICO campaigns fall under the legislation in the field of securities, at least in the criminal aspect. Such a verdict was made on Tuesday, September 11, District Judge Brooklyn Raymond Deary, reports Reuters.

In particular, the judge recognized as lawful the criminal prosecution of US citizen Maxim Zaslavsky, who was arrested last November on charges of deceiving crypto-currency investors and conducting two fraudulent ICOs.

Zaslavsky collected at least $ 300k. He was selling RECOin tokens, which, he said, were secured by real estate, as well as Diamond coins allegedly secured by a real diamond business. Prosecutors, however, disagree with him and stress that the tokens were not released at all.

In March, the lawyers of the accused filed a petition asking them to drop the charges, since the case is connected with currencies, not with securities, and does not fall under the securities law.

However, on Tuesday, September 11, Deary rejected the petition and stressed that the application of the federal law on securities should be "flexible." He noted that the Securities and Exchange Commission (SEC) also considers some cryptocurrencies as securities.

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Eidoo to Release Gold Backed Stablecoin

New stablecoin is called Ekon and it will be possible to it for one gram of gold of 999 test
20 September 2018   261

The Swiss blockchain start-up Eidoo has joined the ranks of projects launching own stablecoins, announcing the creation of a stable coin tied to the price of gold.

Eidoo's stablecoin is called Ekon and is a token compatible with the ERC-20 standard, which will be available in a multi-currency purse and on a hybrid decentralized project exchange. It will be possible to exchange 1 Ekon for one gram of gold of 999 test, which is in a special storehouse. Reserves of gold will be audited every 90 days, moreover, to increase confidence in the token, the company promises to be able to watch gold vault via a video camera.

The profit from the purchase and sale of Ekon within the Eidoo ecosystem will be converted into a native EDO project token.

Despite the uniqueness of the offer of the Swiss start-up, not all experts agree with its usefulness, since the price of precious metal is not so stable. So, for the last six months it has fallen by almost $ 150, however it has grown by $ 25 since the end of August.

In October 2017, Eidoo raised $ 27.9 million in a token, and in April of this year received a license from the Swiss Financial Services Standards Supervision Authority (VQF) under the national financial regulator (FINMA).