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ARTICLE · 26 JULY 2021

SEC's Coinschedule Settlement Offers Mere "Clue-By-Enforcement" Into Whether Cryptocurrencies Are Securities

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On July 14, 2021 the SEC issued a consented-to Cease and Desist Order against U.K.-based cryptocurrency review website owner Blotics Ltd. (formerly doing business as Coinschedule Ltd.)

United StatesTechnology
Lindsey Olson
Lindsey Olson
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On July 14, 2021 the SEC issued a consented-to Cease and Desist Order against U.K.-based cryptocurrency review website owner Blotics Ltd. (formerly doing business as Coinschedule Ltd.) for violating Section 17(a) of the Securities Act. According to two SEC Commissioners, the decision should have but didn't clarify the Commission's position as to whether and when cryptocurrencies qualify as securities.

Per the Order, Coinschedule's website told visitors that it was profiling the "best" digital token offerings with the mission of "'mak[ing] it easy and safe for people around the world to join [initial coin offerings].'" But, unbeknownst to website users, Coinschedule was charging token issuers for marketing packages that gave those issuers varying levels of premium publicity on the website and access to inside information about how to improve their Coinschedule "trust score," which meant they had an undisclosed, paid-for advantage in the competition to make

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