The six hundred and sixty billion Paycheck Protection Program, which was proposed as Covid-19 relief for United States businesses, also gave monetary support to several digital asset focused companies accused of scamming.
More than ten virtual currency businesses targeted by the Securities and Exchange Commission have received Paycheck Protection Program funds from the United States government. Notably, some of the SEC-sanctioned digital currency firms that have fetched Paycheck Protection Program funds are operating offshore.
As per publicly available data from the Small Business Administration, 10 cryptocurrency firms that were sanctioned by the Securities and Exchange Commission for deception and offering non-registered securities received coronavirus pandemic assistance from the government’s assistance program.
In contrast to the Paycheck Protection Program’s entire pool of six hundred and sixty billion USD, the amount granted to the blockchain companies appears like a drop in the ocean. Some of the crypto companies got less than one hundred and fifty thousand USD each.
Nevertheless, it does call into question how the hard earned money of the taxpayers is being used and whether the sanctioned businesses, some of which may not even be functioning in the United States any longer, justify such support from the government.
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