ICOs, Initial Offers of Coins, accused by the Securities and Exchange Commission The United States (SEC) may see a significant reduction in fines owed following a recent Supreme Court ruling.
According to Bloomberg, the US Supreme Court issued a ruling last Monday putting a limit on the return requested by the SEC in cases of fraud. As part of the court's decision, which was produced by an 8 to 1 majority. The Commission can no longer seek reimbursement in excess of the defendant's net earnings.
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A stop to the SEC
In addition to restricting delivery to net proceeds, Justice Writer Sonia Sotomayor for the main court stated that the funds recovered by the Commission should be geared towards restitution to affected investors. For situations where such transfers to investors are not possible, the Supreme Court recommended that the funds be sent to the Treasury.
For the SEC, the Supreme Court decision is a victory for the Commission despite the reduction of its powers of disgust. Some experts say the ruling is preferable to the total eradication of the SEC's ability to seek such fines and penalties. The Supreme Court ruling could affect some crypto projects in the US that already have cases pending or are currently under investigation by the SEC. Since 2017, the Commission has been pursuing ICOs that describe them as unlicensed sales of Security tokens.
The failed sale event of Telegram tokens It is perhaps one of the biggest victories for the SEC in its ICO enforcement activities. Despite running one of the highest-earning ICOs, Telegram has been unable to move forward with its planned launch of TON blockchains. Already on several occasions, the SEC has filed charges against various ICOs of the 2017 era. Even celebrities and other public figures have been involved in problems with the regulator.
