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Investors bring class action suit against crypto exchanges and token issuers

(Opalesque) In September, the SEC ordered blockchain technology company Block.one to pay $24 million for conducting an unregistered initial coin offering (ICO) of digital tokens that raised the equivalent of several billion dollars over approximately one year. The SEC said that the tokens were securities that had to be registered. The SEC’s argument hinged on the fact that several investors were from the US and that the company had not sought an exemption from registration. Now, two law firms are bringing a class action lawsuit against 11 of the worlds largest digital asset exchanges and token issuers – including Block.one – for roughly the same thing.

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