Cryptocurrencies
SEC Freezes Crypto Assets of $600 Million Initial Coin Offering
- Action is first involving cryptocurrencies by U.S. agency
- Evander Holyfield allegedly endorsed sales of AriseCoin
Bitcoin: What’s Coming in the Year Ahead
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The U.S. Securities and Exchange Commission obtained a court order freezing the assets of a Texas-based initial coin offering that claimed to have raised more than $600 million.
The order filed in federal court in Dallas halts AriseBank from raising any additional cash from investors, according to a statement from SEC Tuesday. The agency alleges Jared Rice, 29, illegally raised funds from individual investors beginning in November without registering with regulators, according to the complaint. Also accused is co-founder Stanley Ford, 45, who lives in Dubai.