QUOTE OF THE DAY
“I don’t feel threatened by people who ask questions. It’s those who refuse to answer them that frighten me.”
SEC Chair 'Optimistic' On Efforts To Catch ICO Bad Guys
The House Financial Services Committee (a group of US congress folks) had a session dedicated to the Securities and Exchange Commission (SEC) and chairman Jay Clayton was asked about his position on ICOs. He said the following:
“I’m cautiously optimistic about the division’s enforcement of this. They know this is a ripe area for pump-and-dump. Pump-and-dump – it’s actually easier here than it is in the penny stock area, because it’s all electronic, it’s all anonymous, [and] it’s harder to catch the bad guys at the end of the day.”
You can read more about this here.
Justice: GAW Miners CEO Held Liable
In the SEC's civil case, Garza has been held liable for $9,182,000, an amount that the court order said will be "deemed satisfied by the order of restitution that will be entered against him when he is sentenced in the related criminal case."
The history behind what happened was this. GAW Miners used to offer those shady hosted mining services. Then the folks at GAW Miners decided to transition to the "cloud mining" business.
A cloud mining business is where customers can purchase hash power generated by hardware owned by the miner. The problem here is that GAW didn't actually possess as much hash power as it sold.
TL;DR - GAW Miners were shady AF and the SEC was like "yeah...you're gunna have to pay up $9,182,000."
Blockchain: Understanding The Hype
Here is a nice little article that discusses how folks across a few different industries look at Blockchain, and that can be potentially useful for them.
You can read the article here.
My Current Sentiment: Neutral
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