The US SEC has charged 2 Florida individuals, Derek Acree, Gregory Keough, and their Cayman Island company, Blockchain Credit Partners, against unregistered security offerings and sales of more than thirty million dollars using Defi and smart contracts. Moreover, the respondents are also prosecuted for deceiving investors in the matter of the operations and profitability of the Defi Money Market (DMM).
The Securities and Exchange Commission order points out that the interest and profit assurance backed by the DMM system are deceptive, apropos the high price volatility of the virtual currencies that were being used to rack up and hold more coins. Besides, the commission emphasized that the Defi project had inadequately created income through its volatile virtual currencies, which in turn put the investors at likelihood of not getting back their guaranteed returns.
Daniel Michael, unit chief of the SEC’s enforcement division mentioned,
“The federal securities laws apply with equal force to age-old frauds wrapped in today’s latest technology.”
Notably, the Securities and Exchange Commission has filed the aforementioned lawsuit under Sections 5(a) and 5(c) of the Securities Act of 1933, that the respondents breached the law by carrying out unregistered sales of both types of virtual currencies.
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