Jet-Leasing Firm Gets First SEC Blessing for Unregulated ICO
- TurnKey granted sign-off to issue unregistered digital token
- Firm faces tough restrictions on use of coins, agency says
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An obscure jet-leasing business just got an unprecedented prize in the crypto world -- the U.S.’s blessing to sell a digital token that isn’t regulated by the Securities and Exchange Commission.
TurnKey Jet Inc. won’t face punishment for issuing coins that aren’t registered with the regulator as long as the company adheres to a number of stipulations, the SEC said Wednesday. Among the conditions: Those who buy the tokens won’t be granted an ownership stake in TurnKey and the company faces tough restrictions on using proceeds from coin sales to invest in its business.