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ARTICLE · 17 AUGUST 2017

Recent SEC Trading Ban May Be An Attempt To Chill ICO

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The SEC recently suspended trading in shares of a technology company based in part over concerns about the company's upcoming planned initial coin offering ("ICO").

United StatesTechnology
E. Scott Schirick
E. Scott Schirick
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The SEC recently suspended trading in shares of a technology company based in part over concerns about the company's upcoming planned initial coin offering ("ICO").

On August 9, the SEC issued a 10-day trading ban in shares of CIAO Group (recently renamed NuMelo Technology), which trades on the OTC markets. CIAO first announced plans for an ICO on July 6, and over the last several months has issued a number of vague statements about a revised business plan, under new management, to invest in African telecommunications projects. For example, NuMelo issued a press release saying that it intended to create "a single cryptocurrency on US trading platforms . . . [to] monumentally increase the liquidity of investments in African public companies, and give the average individual US investor new access to the extraordinary growth opportunities only found within frontier markets." The SEC's trading ban is set to expire on August 23.

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