Bitcoin Investment Trust and Genesis Trading Settle With SEC

Bitcoin Watch Shop

gavel, money

The US Securities and Exchange Commission (SEC) has released a cease-and-desist sequence opposite a Bitcoin Investment Trust (BIT) and a certified participant SecondMarket, a latter of that has been systematic to vomit roughly $50,000 in a allotment with a agency.

Originally founded by financier and Digital Currency Group CEO Barry Silbert when he was CEO of SecondMarket, a BIT issues shares with a value tied to to a value bitcoin, and unrestricted shares of a BIT are quoted on OTCQX.

Specifically, a cease-and-desist order relates to a share emancipation module conducted in 2014. According to disclosures published final year by Grayscale, a module drew a courtesy of SEC regulators since a repurchases took place as shares were being combined by a trust – in defilement of Regulation M, a SEC pronounced in a recover today.

As partial of a emancipation program, SecondMarket repurchased 85,721 shares between 2nd Apr and 4th September, 2014, a SEC said, earning $51,650.11.

From a SEC:

“The SEC’s Rule 101 of Regulation M prohibits placement participants and their affiliated purchasers from purchasing any confidence that is a theme of a placement until after the applicable limited period. Rule 102 prohibits a same activity by issuers, selling


Read more ... source:

Advertise on the Bitcoin News