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ARTICLE · 22 AUGUST 2019

ICO Enforcement Actions Continue Amid Tax Bill, Senate Hearing and UN Report

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Earlier this week, cease and desist orders were issued against two online investment entities, Zoptax LLC and Unocall, as part of an ongoing effort coordinated by the North American

United StatesTechnology
Joanna Wasick
Joanna Wasick
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Earlier this week, cease and desist orders were issued against two online investment entities, Zoptax LLC and Unocall, as part of an ongoing effort coordinated by the North American Securities Administrators Association (NASAA), a task force comprised of North American state and country officials working together to stop fraudulent initial coin offerings (ICOs) and cryptocurrency-related investment schemes. NASAA was organized in April 2018. Since January, its members have initiated over 130 investigations into ICOs and similar products, and completed 35 enforcement actions.

Also this week, Kik Interactive Inc. (Kik), a defendant in an ICO-related enforcement action initiated by the U.S. Securities and Exchange Commission (SEC), denied conducting an unregistered securities offering. Kik stated in its filed response that the SEC "twisted the facts" in its complaint. The SEC began the action in June, asserting that Kik's sale of Kin, Kik's digital token, constituted

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