A logo for the fictional “Blockchain Exchange Commission” that the U.S. Securities and Exchange Commission alleges Blockvest used to promote its ICO and the SEC’s official seal, which Blockvest is also alleged to have used without authorization. (Photo illustration: Jason Doiy/ALM)
A federal judge has granted the U.S. Securities and Exchange Commission’s request for an injunction blocking the backers of the Blockvest initial coin offering from making an allegedly fraudulent securities offering.
U.S. District Judge Gonzalo Curiel of the Southern District of California late last year turned back a prior SEC injunction request after finding the agent couldn’t show that investors had bought into the Blockvest ICO with an expectation of making a profit from the efforts of others. But on Thursday, Curiel granted the agency’s renewed injunction bid finding that the SEC had made the case that Blockvest’s promotional materials, which included a website, a white paper posted online, and social media accounts touting its BLV token, constituted an offer of unregistered securities containing materially false statements.
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