- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Companies can expect no new guidance from the SEC anytime soon on digital currencies, but they can expect its enforcement arm to act if it sees indications of fraud.
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Block.one has agreed to settle charges with the SEC and pay a $24 million civil penalty for conducting an unregistered initial coin offering of digital tokens that raised the equivalent of several billion dollars.
The SEC has filed a lawsuit against cryptocurrency startup ICOBox, a California company in the business of facilitating other companies’ ICOs, and its founder for conducting an illegal securities offering of its digital tokens and for acting as unregistered brokers for other digital asset offerings.
With no explicit guidance in GAAP on how to account for business done in digital currency, Big 4 firms are starting to arrive at conclusions of their own.
