Blockchain Co. To Return $25.5M After Unregistered ICO

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Law360 (May 28, 2020, 8:11 PM EDT) — A California blockchain services company agreed to a $29.3 million settlement with the U.S. Securities and Exchange Commission on Thursday for conducting a $25.5 million unregistered initial coin offering.

San Jose-based BitClave PTE Ltd. will return the $25.5 million it raised selling digital assets it created called consumer activity tokens to about 9,500 investors, as well as pay $3,444,197 in prejudgment interest and a civil penalty of $400,000, according to the SEC settlement the company agreed to without admitting or denying the agency’s allegations.

Between June and November 2017, BitClave sold digital tokens to fund the development of a “blockchain-based search…

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