Sec blockchain partners 30m

sec blockchain partners 30m

The project, in turn, was backed by Chainlink and its previously sponsored cryptocurrency investor Tim Draper.

SEC representatives said that the DeFi Money Market team managed to raise more than $30M in a year by trading two tokens based on the Ethereum cryptocurrency. One of them, mTokens, guaranteed its owners a 6.25% stake, and the second, DMG, was a “governance token” with a purpose similar to shares that give investors the right to vote in a company.

In reality, the cash holdings of Blockchain Credit Partners, which belonged to the leaders of the Money Market, were used to provide payments on mTokens, filed as profits obtained through reinvestment.

According to the SEC, when the founders of the project understood that they can’t pay the assured reward to the investors, they deliberately distorted their company’s investment strategy to smooth out the situation.


Digital Yuan airdrop, interested users will need to indicate interest in the program by signing up on the Meituan app, and applying for the incentive.

The final beneficiaries will be selected based on a lottery system, a trend which is common to Shenzhen and e-CNY airdrops. Successful residents will be able to spend the issued funds at more than 15,000 merchant stores that accept the e-CNY as payment for goods and services rendered.

The initiative from the Shenzhen city government is not the first of its kind as the officials continue to explore avenues to support the local economy amidst the growing incidence of lockdowns stirred by the Covid-19 pandemic.

The airdrop is also evidence that the CBDC from the People’s Bank of China (PBoC) is a very functional one and very close to a broad national launch.

Комиссия по ценным бумагам и биржам США заявила, что ею был подан иск против Blockchain Credit Partners. В SEC подозревают данную компанию в продаже незарегистрированных ценных бумаг на протяжении почти всего минувшего года.

Регулятор считает, что вышеуказанная компания вела деятельность по продаже цифровых токенов в период с февраля 2020 года по февраль 2021 года.

За это время, по данным SEC, Blockchain Credit Partners продала токенов на сумму в $30 млн. Эти самые токены были признаны регулятором ценными бумагами, а значит они должны были быть зарегистрированными в агентстве задолго до продажи.

«Полное или частичное раскрытие информации о продаже незарегистрированных ценных бумаг — это наша первоочередная задача.


It’s raising a $30 million Series B, led by TransUnion — one of the largest incumbents in an industry that Spring Labs is looking to shake up.

Spring Labs founder and CEO Adam Jiwan told TechCrunch that the two companies’ recent partnership evolved out of a series of discussions that began a couple of years ago.

“We knew a relationship with TransUnion in particular had the capacity to significantly accelerate our business,” he said. “And they said ‘if we’re going to help develop your business into something very significant, we’d like to have skin in the game.’ ”

While Jiwan would not reveal the valuation at which this Series B is being raised (it actually hasn’t officially closed yet, although the majority of the round has been funded), he did say it’s a “meaningful step up” from the$23 million Series Ait raised in June 2019.


DeFi Money Market.

According to the SEC’s order, Gregory Keough, Derek Acree, and their company Blockchain Credit Partners offered and sold securities in unregistered offerings through DeFi Money Market from February 2020 to February 2021. The order finds that they used smart contracts to sell two types of digital tokens: mTokens that could be purchased using specified digital assets and that paid 6.25 percent interest, and DMG “governance tokens” that purportedly gave holders certain voting rights, a share of excess profits, and the ability to profit from DMG governance token resales in the secondary market.

According to the order, in offering and selling mTokens and DMG governance tokens, the respondents stated that DeFi Money Market could pay the interest and profits because it would use investor assets to buy “real world” assets that generated income, like car loans.


The information exchange promises to preserve privacy, giving competitive parties the ability to “collaborate for the common good.”

Partnering with TransUnion will give Spring Labs the ability to leverage the company’s sales force (four versus 100) and access over 10,000 of its financial institution customers contractually, according to Jiwan.

“They see a lot of opportunities to leverage our technology,” he said. “They view it as something that can really unlock siloed data and bring new information that moves the needle on things like financial inclusion. We’re exploring standing up unique information sharing networks.”

He said there is also interest in how Spring Labs’ technology can be used to bridge the digital asset world and the regulated financial ecosystem.

As part of the funding,Steve Chaouki, president of U.S.

DeFi Money Market was immediately shut down and that investors were paid back.”

The SEC’s order finds that the mTokens were notes and were also offered and sold as investment contracts, the DMG governance tokens were offered and sold as investment contracts, and the respondents violated Sections 5(a) and 5(c) of the Securities Act of 1933 by conducting unregistered offers and sales of both types of digital assets. The SEC’s order also finds that Respondents violated the antifraud provisions of Section 17(a) of the Securities Act and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.

Without admitting or denying the findings in the SEC’s order, respondents consented to a cease-and-desist order that includes disgorgement totaling $12,849,354 and penalties of $125,000 each for Keough and Acree.

Earlier this week, SEC Chair Gary Gensler called on Congress to grant the agency more authority in regulating cryptocurrency, lending, and platforms.

“If we don’t address these issues, I worry a lot of people will be hurt,” Gensler said on Tuesday.

Congress has so far failed to give the SEC more authority in the cryptocurrency market, opting this week to include language in the bipartisan infrastructure package focusing on taxation of digital assets. On Sunday, Senate negotiators reached a $1 trillion infrastructure deal, including language that would require cryptocurrency brokers to report transactions on their tax returns.
But the definition of “broker” was vague and could potentially open miners up to greater taxation.

It’s unclear how cryptocurrency will fare under the new infrastructure bill. There are dual amendments in the Senate looking to clarify the language.

The chair called on Congress to provide the commission with more powers to regulate cryptocurrency markets.

On August 6, the SEC filed charges against the first DeFi technology firm, Blockchain Credit Partners and its founders Gregory Keough and Derek Acree, for selling more than $30 million of unregistered securities in the form of two digital tokens were offered through smart contracts on the Ethereum blockchain.

On August 19, Gensler announced that DeFi projects are not immune to regulations, stating that DeFi projects have features that make them look like the type of firms regulated by the SEC.

Blockchain and taking the politics out of tech

Chaouki told TechCrunch that there were “many” reasons for working strategically with, and investing in, Spring Labs.

“The financial aspect is important but strategically, the amount of time we intend to spend working with them is even more of a valuable asset,” he said. “This is a pretty big move for us. We’re not a PE firm. If we’re making an investment, it’s to build something collaboratively with the partners who we’re investing in.”

Marko Ivanov, a TransUnion vice president, said the credit reporting giant was impressed with the “real-life applications” that Spring Labs has demonstrated.

“We want to collaborate to scale up their existing networks, and sign up more clients in the network, which is important to resolve those issues related to fraud,” he told TechCrunch.

Instead, the order finds that the respondents used personal funds and funds from the other company they controlled to make principal and interest payments for mToken redemptions.

“Full and honest disclosure remains the cornerstone of our securities laws – no matter what technologies are used to offer and sell those securities,” said Gurbir S. Grewal, Director of the SEC Enforcement Division. “This allows investors to make informed decisions and prevents issuers from misleading the public about business operations.”

“The federal securities laws apply with equal force to age-old frauds wrapped in today’s latest technology,” said Daniel Michael, Chief of the SEC Enforcement Division’s Complex Financial Instruments Unit.

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