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EOS Price Spikes 10% as Block.One Agrees to Pay $24-Mln Fine to SEC

  • Yuri Molchan
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    The EOS price has surged 10 percent on the news of Block.One agreeing to pay a $24-mln fine to SEC for conducting an unregistered ICO in 2018

EOS Price Spikes 10% as Block.One Agrees to Pay $24-Mln Fine to SEC
Cover image via www.123rf.com
Contents

On Tuesday, October 1, EOS.IO software developer Block.one shared the news that the company has reached a settlement with the US SEC on paying $24 mln as a fine in connection with the ICO that Block.One conducted between the summers of 2017 and 2018.

Block.One is going to pay the fine without either admitting or denying the SEC’s accusations on selling unregistered securities to investors.

The EOS price has surged 10 percent on the news, becoming the second largest-growing coin on the top 14 list after Tron (TRX) earlier today. However, at press time, EOS is showing only a 7-percent rise.

EOS Charts CMC 10/01/19
Image by Coinmarketcap
EOS Price CMC 10/01/19
Image by Coinmarketcap

Block.One settles the matter with the regulator

The SEC demanded a one-time fine to be paid concerning the ICO conducted on Ethereum before EOS launched its own mainnet and the ERC-20 tokens migrated to it.

Since those coins are no longer in circulation, the SEC does not require them to be registered as securities.

Block.One has commented on the matter as follows:

We are excited to resolve these discussions with the SEC and are committed to ongoing collaboration with regulators and policy makers as the world continues to develop more clarity around compliance frameworks for digital assets.

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EOS recent hard fork

As reported by U.Today recently, on September 23, Block.One conducted an EOSIO hard fork to implement the EOSIO v1.8.

The EOSIO team called that the biggest upgrade on the network so far.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
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    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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