securities and exchange commission

Couple Charged by the SEC for Defrauding 500 Investors in Fraudulent Water-Backed Cryptocurrency Scheme

The Securities and Exchange Commission (SEC) has persecuted a former Texan pastor and his spouse for allegedly conning hundreds of innocent investors. The SEC said that the Texan couple used alkaline water-backed crypto, TeshuaCoin, to con the investors.

Lawsuit against Texan couple

According to the report, the SEC announced a federal court lawsuit filed against former Texas pastor Larry Donnell Leonard and his wife Shuwana Leonard. The report shows that the accused mainly targeted African Americans and managed to defraud over 500 victims from all over the nation. The SEC claimed that the perpetrators used their two firms – Teshuater and Teshua Business Group to accumulate about $500,000 in three fraudulent offerings from over 500 investors.

SEC stated that the Leonards first sold fake stock certificates in their firm Teshuater, a firm that bottled and sold alkaline water. The two culprits informed investors that the alkaline water bottle company would produce short-term investment returns of nearly 3,000 percent and would raise up to $291,044. They allegedly tried to conduct a $20 million sale of cryptocurrency TeshuaCoin, claiming that the crypto coin was backed by the company’s water products. The Leonards, while comparing TeshuaCoin’s usability to Bitcoin, claimed that TeshuaCoin is better since the crypto coin is backed by the water company. But it was not so, Teshuater alkaline water company never backed the TeshuaCoin. The SEC mentioned that the former pastor expected to raise $20 million with his fraudulent scheme, and until today, the Leonards have earned $170,395.

Furthermore, the couple allegedly collected funds and stole $25,544.96 from investors in Teshuater’s non-existent Bitcoin mining investment. The SEC said that the culprits did not reveal the speculative nature of the crypto mining and did not invest the stolen funds within the mine. The report stated that to date, the Leonards have conned a total number of 500 investors and stolen $486,984.28 from them.

The SEC has charged the couple and their two firms for the violation of the Securities Act’s registration and anti-fraud provisions. The commission is further looking for conduct-based and permanent injunctions, civil penalties, and disgorging illicit profits.

New crypto fraud schemes on the rise

Fraudsters have been making money from innocent people who want to invest in the latest cryptocurrencies, but don’t understand how the technology works. Cases of crypto-related scams have been on the rise. While fraudsters must be held accountable for the actions, it is important the general public do their diligent research and act responsibly to avoid becoming victims. The public must remain vigilant as cases of fraud-related activities are rising, and fraudsters are becoming more sophisticated. Scammers are using various tactics in attempts to entraps victims.

Through their professional looking and well-designed websites, clever use of social media faked celebrity endorsements, and even aspirational imagery, fraudsters are able to give their products as a veneer of legitimacy. They utilize a potent mix of psychology and advertising to prey on people’s subconscious desire for money and wealth. The general public may not know the difference between a legitimate project and a scam. Any project that promises a guaranteed profit or return is almost certainly a scam. Therefore, the public should watch out to avoid scams.

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SEC to Regulate Binance Chain With Blockchain Analytics Firm CipherTrace

The US Securities and Exchange Commission plans to award CipherTrace blockchain analytics firm with a contract pertaining to Binance Chain.

SEC Awards Contract to Regulate Binance Chain

Binance Chain is a blockchain created to host the Binance coin “BNB” and it underlies Binance Dex, which is a decentralized exchange built by Binance, the largest crypto exchange on the market by volume.

The Securities and Exchange Commission (SEC) would like to see CipherTrace analytics firm in charge of regulating Binance Chain, as it declares that the blockchain-based firm is “the only known blockchain forensics and risk intelligence tool that can support the Binance coin (BNB) and all tokens on the Binance network. CipherTrace is reputed in the crypto industry for protecting financial institutions from digital assets fraud and cybercrime, among other things. It prides itself on “growing the blockchain economy by making it safe for users, and it is trusted by the government.”

The contract is to be granted to CipherTrace tomorrow by the SEC. Though Binance Chain runs on a public blockchain system, the SEC would like to see more regulatory order with transactions, as anti-money laundering is on the rise and regulatory compliance needs to be instilled on the platform for it to operate smoothly.

CipherTrace To The Rescue of Coin Exchanges

CipherTrace, which was initially founded in 2015 and funded by the US Department of Homeland Security, makes software products that help blockchain forensic analysts trace miscellaneous transactions. For law enforcers, these tools are essential for verifying whether crypto exchanges have been compliant with local anti-money laundering policies and for tracing the source and the amount of fraudulent transactions on the blockchain.

Tracking Binance is essential to the growth of the crypto exchange. The coin exchange, founded by Changpeng Zhao (CZ), is among the biggest crypto exchanges in the world. BNB coin ranks among the tenth-largest by market cap on digital trading platforms. Since 2019, CipherTrace has conducted business with Binance to further the cause of eradicating anti-money laundering schemes and fraudulent transactions.

Binance Dreams of Expanding Their Crypto Empire

With the regulatory contract set in motion for this week, Binance Chain will greatly benefit from CipherTrace’s contract, as the blockchain analytics firm is reputed to possess the only known blockchain forensics and risk intelligence tool that can possibly support the volume of transactions on the Binance network and the hundreds of digital assets on the platform.

Binance has been making some major power moves in the crypto industry. The blockchain crypto exchange has come up with some major upgrades since 2017. Just a year ago, Binance had introduced staking, cryptocurrency trading, and margin trading on its platform. Also, it has introduced new projects this year, which include a successful upgrade to its trading platform.

Earlier in April, Binance released its whitepaper and added smart contracts to Binance Chain. The smart contract functionality, known as “Binance Smart Chain,” runs in parallel with the chain and allows for more complex transactions to take place on the blockchain network. It is also compatible with Ethereum.Just like Ethereum, Binance Chain is looking to broaden its horizons and adopt decentralized applications (DApps) like their competitor.

Ripple’s First Court Date for SEC Lawsuit of XRP Tokens Set for February 2021

The official pre-trial court date for the US Securities and Exchange Commission (SEC) ’s lawsuit against Ripple for the sale of XRP tokens has been set.

The trial opposing the SEC and Ripple over the sale of XRP tokens will begin on February 22, 2021, and will be hosted via video call. As it is a pretrial, it will ensure that the case is ready to proceed to trial on the designated date. Per the official court order, Analisa Torres, the United States District Judge, has demanded that both sides present arguments for the case, including potential motions and the likelihood that a settlement could be agreed upon.

After arguing that XRP should be regulated as a security in the United States, the Securities and Exchange Commission (SEC) officially filed a lawsuit against Ripple last week. The suit alleges that $1.3 billion worth of XRP tokens were sold by Ripple Labs, and CEO Brad Garlinghouse and co-founder Chris Larsen both personally benefited from the “unregistered digital asset securities offering.” Stuart Alderoty, who is part of the General Counsel at Ripple, said:

“While we would have preferred to achieve regulatory clarity through thoughtful rulemaking or legislation, it’s now up to the Courts (not Twitter ‘hot takes’). What hasn’t changed is our steadfast commitment to constructive regulatory engagement.”

SEC lawsuit defames Ripple, XRP suffers

XRP, an asset created by Ripple Labs in 2012, has failed to be exempted from federal securities laws like its counterpart Bitcoin and Ethereum, which are both viewed as commodities rather than securities in the United States. Regulators appeal to the fact that XRP conforms with the Howey test, which determines whether an investment could be classified as a security-based on fundamentals. If the monetary investment has generated profits with the efforts of a third-party, the investment will be classified as a security.

The Ripple team has fought back against these allegations, with CEO Garlinghouse refuting this. He previously said that XRP was considered more of a cryptocurrency than a security and argued that owning XRP was not equivalent to owning a share of Ripple.

Ripple will have two months to prepare for their court ruling. Although it has been hinted previously that Ripple will still thrive as most of its clients are situated outside of the United States, XRP has sunk to lows of $0.20 on crypto exchanges. The token reversed the gains it saw in the month of November, where it soared as high as $0.90.

XRP is currently trading at $0.21 on CoinMarketCap and has lost more than 50% of its gains in a week’s time.

The Likelihood that Ripple Will Win the Legal Battle against the SEC over XRP May Be Promising

As the pretrial court date between Ripple and the Securities and Exchange Commission is rapidly approaching, the outcome of XRP still remains uncertain. In the crypto sector, the market value of XRP may soon be overtaken by that of Polkadot (DOT), as the SEC’s lawsuit predicament triggered a dramatic drop in XRP’s price.

Not only that, but many coin exchanges have delisted or halted XRP trading on their platforms to avoid complications with federal securities laws as the SEC alleges that the token is a security. With the lawsuit, the Commission therefore accuses Ripple Labs of unlawfully raising more than $1.3 billion in unregistered securities offering through XRP.

Although the Securities and Commission is highly reputed in the US financial sector and is attempting to regulate crypto assets as best as it can at the expense of overreaching and strong-arming institutions to comply to its rules, Ripple still has a huge chance of beating the suit.

XRP previously trialed as a virtual currency

For starters, Ripple has already been formally assessed by the Financial Crimes Enforcement Network (FinCEN) as a virtual currency. In the official civil money penalty charge of $700,000, XRP is addressed as nothing other than a virtual currency.

According to FinCEN, in 2015, Ripple Labs was in violation of the Bank Secrecy Act and Anti-Money Laundering (AML) regulations with XRP. The assessment by financial regulators over XRP was concluded by Ripple’s agreement to take further steps in ensuring compliance with AML/CFT obligations, and by the fintech firm coughing up $450,000 as forfeiture in the action.

Per the US Attorney Melinda Haag in charge of the penalty: “Ripple Labs Inc. and its wholly-owned subsidiary both have acknowledged that digital currency providers have an obligation not only to refrain from illegal activity but also to ensure that they are not profiting by creating products that allow would-be criminals to avoid detection.”

If law regulators had classified XRP as a virtual currency previously, it would make the Securities and Exchange Commission’s arguments over XRP being a security null.

Chairman of the SEC

Another reason why Ripple may likely beat the suit may be that the duties of Chairman heading the Securities and Exchange Commission has been passed on to Gary Gensler, a former chair of the Commodities Futures Trading Commission (CFTC). Gensler has been known to be very crypto-friendly, defining Bitcoin as “a catalyst for change” previously, while his colleagues were adamant on classifying cryptocurrencies as Ponzi schemes.

During an MIT lecture, Gensler had said that he did see XRP as a security but that its true definition will be up to the courts, and not himself.

However, who he will be engaging with during the lawsuit may likely play in XRP’s outcome, as there is a familiar face on Ripple’s legal team: Mary Jo White. White and Gensler had both previously served as a Chairman of the SEC, under Barack Obama. During that time, Gensler was appointed Chairman of the CFTC by Obama. The likelihood that these two prominent financial figures have previously crossed paths is huge, as they worked under the same administration. While this is not to say that XRP’s outcome is definitive, it goes to point out that there is a likelihood that XRP’s lawsuit may be settled before it reaches trial. Currently, the pretrial court date for ripple is set for February 22.

XRP operations outside of the US

Regardless of the Securities and Exchange Commission’s lawsuit, XRP operations may remain inhibited, except for the fact that its founding company will be targeted for a hefty penalty. In the UK and in many countries in Asia, such as Japan, XRP has already acquired the title of crypto asset, therefore rendering its classification as a security invalid in those regions. XRP is also primarily traded outside of the US, especially in Asia.

No consensus on cryptocurrencies in the US

The cherry on top of it all is that US regulators seem to disagree on the definition of cryptocurrencies overall. This was previously criticized by Ripple’s CEO Garlinghouse, who pointed out that the US Department of Justice’s Cryptocurrency Enforcement Framework report failed to reach a definitive conclusion of cryptocurrency.

In the report, eight separate regulatory bodies have all provided their own definition of cryptocurrency, some classifying it as a commodity while others said crypto should be listed as a security.

What Will Gary Gensler’s Confirmation to The Role of SEC Chair Mean for The Crypto Industry?

SEC chairman nominee Gary Gensler testified before the Senate Banking Committee as part of his confirmation hearing.

Gensler has been tapped by President Joe Biden to chair the Securities and Exchange Commission. Previously, Gensler served as the chairman of the Commodity Futures Trading Commission under the Obama administration and worked for Goldman Sachs for 20 years. Gensler is also a professor at MIT, where he teaches a class on blockchain technology and cryptocurrencies.

If confirmed as the chairman of the SEC, Gensler will play a pivotal role in determining how cryptocurrencies are regulated in the United States.

Testifying in front of the Senate, Gensler discussed how Bitcoin and cryptocurrencies have revolutionized the financial industry and are innovations worth fostering. He said:

“Bitcoin and other cryptocurrencies have brought new thinking to financial planning and investor inclusion. I’d work with fellow commissions both to promote the new innovation but also, at the core, ensure investor protection.”

Although Gensler has made it known that he supported the decision to exclude Bitcoin from the SEC’s juridical scope, he did not disclose his views on how initial coin offerings should be regulated.

Previously, former SEC Chair Jay Clayton had said that he believed ICOs to be securities but did not elaborate on when and how tokens should be classified as securities. As an expert in the cryptocurrency field, Gensler will undoubtedly provide more clarity on that front.

If Gensler is confirmed as the chairman of the SEC, he will play a major role in shaping crypto policies for the years to come. Although it may potentially mean a more severe regulation of cryptocurrencies in the United States, more regulatory clarity will be provided, which will be significant as the SEC has been criticized time and again for failing to deliver clear crypto regulations.

Gensler’s views on XRP

In his hearing, Gensler emphasized that he intended to do his best to protect investors and act in their best interest.

In 2018, during a lecture at MIT, Gensler said that he believed XRP to be a non-compliant security, as the token met the requirements of the Howey Test – a series of criteria used by securities regulators to determine whether an asset should be classified as a security or not. Despite sharing his views, Gensler rectified that it was up to “appellate courts or the Supreme Court” to determine whether or not XRP should be regulated as a security.

If Gensler was to be confirmed as the SEC Chair, this may change how the SEC’s lawsuit against Ripple Labs plays out. The Securities and Exchange’s clampdown on XRP for being an unregulated security was conducted just as former SEC chairman Jay Clayton announced the end of his tenure at the agency – a move that Ripple head executives and prominent figures in the crypto industry have criticized as extremely odd.

Although Gensler had disclosed that he viewed XRP as a security in 2018, his perspective might have potentially changed, given the dynamic nature of cryptocurrencies.

Previously, Cardano founder Charles Hoskinson disclosed that he did not believe XRP to be a security in its current form, despite having security-like features back in 2012-2014.

Fidelity Investments Seeks Approval for a US Bitcoin ETF

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Fidelity Investments Inc. is seeking approval from the US Securities and Exchange Commission (SEC) to launch an exchange-traded Bitcoin fund.

A new filing of Form S-1 registration statement with the SEC shows that FD Funds Management, a subsidiary of Fidelity, aims to create an ETF that would serve as a custodian that gives investors the ability to access the fund through a traditional brokerage account without the potential barriers to entry or risk associated with transferring or holding Bitcoin directly.

The ETF would also track the daily performance of the cryptocurrency, using the Fidelity Bitcoin Index PR, an index derived from various price sources.

The Fidelity’s exchange-traded Bitcoin fund would be registered as the Wise Origin Bitcoin Trust, which would hold Bitcoin and value its shares based on prices from major crypto exchanges, including Bitstamp and Coinbase, as per the preliminary filing with the SEC.

Similar to other proposed Bitcoin EFTs, the Fidelity Trust intends to offer more institutional opportunities to invest in crypto assets. The EFT would allow retail investors to bet on the price of the leading cryptocurrency without the need to purchase and store the crypto-assets themselves.

This proposed ETF is not Fidelity’s first investment into the crypto world as the firm is expanding itself into the world of digital currencies. Fidelity Investments was one of the first major institutions to offer cryptocurrencies to clients. The firm started mining Bitcoin and Ethereum in 2014 and introduced Fidelity Digital assets in 2018, a subsidiary that since then has deployed its crypto trade execution and custody operations.

Optimism Abounds on ETFs

Speculation about a Bitcoin exchange-traded fund in the US has been rampant since the historic Bitcoin bull market experienced in 2017. The SEC regulations have so far rejected all proposals to securitize Bitcoin in an ETF due to concerns associated with price manipulation and extreme volatility. However, proponents of the leading crypto asset believe that that uncertainty is set to change as Bitcoin matures as an asset class.

Fidelity Investments joins several US firms (including VanEck Associates Corp, NYDIG asset management firm, Valkyrie Digital Assets, WisdomTree Investments, and Anthony Scaramucci-led SkyBridge Capital firm) that are still awaiting approval from the US SEC to offer Bitcoin ETF. Market analysts have speculated that multiple Bitcoin ETF approvals in Canada may spur US regulators to give Bitcoin ETFs the green light in the country.

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SEC Commissioner & ‘Crypto Mom’ Hester Peirce Suggests Plan to Determine Whether an Asset is a Security

“Crypto Mom” Hester Peirce is not the biggest fan of using the Howey Test to determine whether crypto assets are securities.

The Howey Test was birthed around 1946 and is frequently used to this day by the Securities and Exchange Commission and the court to determine whether an asset is a security. Its origins stem from an incident in 1946, where orange trees from a Florida citrus grove were found to operate like securities, due to the way the owner was promoting its expansion. Per the official definition, an asset is now found to be a security if, under the Howey Test, a monetary investment generates profits based on the efforts of a third party.

The Howey Test has been applied to cryptocurrencies to determine whether or not they fall under the scope of a security in the United States – as is the case of Ripple’s XRP. However, that has been criticized as inefficient by industry experts, given that cryptocurrencies are dynamic in nature and operate in a decentralized manner.

Safe harbor plan to regulate crypto

Peirce has reiterated during the Draper Goren Holm’s Security Token Summit that the application of the Howey Test to cryptocurrencies “had not worked that well” for the industry. Instead, the SEC Commissioner has proposed a “safe harbor plan”, which would reduce regulatory scrutiny on emerging blockchain projects.

She explained that with the safe harbor plan, new token issuers will be given a three-year window. During this time, the decentralized network will be given the opportunity to demonstrate that securities laws did not apply to their project.

With the safe harbor plan, token issuers will also need to disclose detailed plans on the blockchain network’s roadmap, token sale, as well as the team and investors behind the project. Peirce said:

“You have three years to develop the network so that the token is actually usable or the network is decentralized — and at that point, it’s clear the securities laws don’t apply. And everything that you say will be covered by the anti-fraud laws under the securities laws.”

Peirce earned the nickname ‘Crypto Mom’ when she spoke out and highlighted parameters that were set and heavily scrutinized in the SEC’s processing and ultimate rejection of Bitwise’s Bitcoin ETF application. Peirce previously argued that the standards that Bitcoin ETFs are subjected to have never been applied to traditional markets offering.

With the emergence of the NFT sector, Peirce also advised investors and NFT issuers to be careful when issuing non-fungible tokens. She said that although NFTs are non-fungible, which makes it less likely to be a security, “people are being very creative in the type of NFTs they are putting out there.” This makes it easy for issuers to inadvertently distribute an investment contract through an NFT.

The SEC Commissioner said that NFT issuers should be careful if they ever decide to sell “fractional interests” with NFTs, or NFT baskets.

Thai SEC Bars Crypto Staking & Lender Services after Zipmex’s Bankruptcy

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Thailand’s Securities and Exchange Commission (SEC) on Thursday announced a ban on crypto firms from offering staking and lending services to investors in the country.

The move comes a few months after Thai-based crypto exchange Zipmex ran into financial difficulties due to a severe liquidity crisis following a sharp selloff in markets that started in May with the collapse of two paired tokens, Luna and TerraUSD.

Centralized crypto exchanges offer different staking and lending options, thus allowing customers to earn interest on their idle digital assets. But the Thai SEC has now imposed a ban that prohibits companies from providing such services.

According to the announcement, Thailand’s regulators held a meeting on September 1 and discussed the liquidity troubles facing several foreign crypto companies in the country.

Authorities, therefore, approved a decision to ban crypto firms from offering interest-based services to customers as a way to help safeguard investors from liquidity risks. The SEC also believes that the decision will clarify misconceptions surrounding the regulatory status of crypto staking and lending services.

Domino Effect When Crypto Collapsed

The collapse of a multibillion-dollar cryptocurrency called Terra caused a massive bloodbath in the crypto market in May. As a result, several crypto firms, mainly lending platforms, became bankrupt, thus making it impossible for customers to access their deposited funds.

From Celsius to Three Arrows Capital, several major industry players have lost massive funds to the 2022 crypto plunge triggered by the cascading effect of the LUNA/UST crash.

On July 20, Zipmex, a crypto exchange headquartered in Singapore, which also operates in Thailand, Indonesia, and Australia, suspended withdrawals, citing reasons “beyond its control” like volatile market conditions and the resulting difficulties of key business partners.

Although the distressed crypto exchange resumed partial withdrawals shortly after a temporary suspension, its actions caught the attention of Thailand’s authorities.

In late July, the Thai SEC quickly launched a probe into the exchange, seeking reasons for the suspension. Zipmex later said it had $53 million exposure to troubled crypto lenders Celsius Network and Babel Finance.

Celsius and Babel Finance are among several crypto players that have fallen into difficulties in recent months.

Thai watchdog worked with law enforcement to look into potential losses among the public after Zipmex suspended withdrawals.

The SEC also created an online forum to collect data from affected Zipmex customers to take legal action against the platform.

Last week, the SEC filed a police complaint against Zipmex and Akalarp Yimwilai, a co-founder of the company, and the CEO of its Thai unit, for failing to meet the deadline for sharing required transactional information.

Signature Bank Under Investigation by US Government Bodies

Signature Bank, a cryptocurrency-friendly bank, is reportedly under investigation by two United States government bodies over concerns that it did not take adequate measures to detect potential money laundering by its clients. According to a Bloomberg report on March 15, investigators with the Justice Department were examining whether Signature was taking preemptive measures to monitor transactions for “signs of criminality” and properly vetting account holders. A separate probe by the Securities and Exchange Commission was also “taking a look” at the bank, although details regarding the nature of the SEC’s probe were not reported.

The investigations may have contributed to the recent decision by New York state regulators to close the bank, although it is unclear when the investigations began and what effect, if any, they had on the closure. Signature and its staff are not accused of wrongdoing, and the investigations may be finalized without any charges or further action taken by the SEC or the Department of Justice.

The report comes after a class action lawsuit was filed by Signature shareholders on March 14, alleging that the bank and former executives claimed to be “financially strong” just three days before it was forcibly shuttered. Barney Frank, a former board member of Signature Bank, has claimed that the regulators wanted “to send a very strong anti-crypto message” and that the bank became the “poster boy” for this message, despite there being “no insolvency based on the fundamentals.”

Signature Bank was closed on March 12 as part of a series of bank closures that also included Silvergate Capital and Silicon Valley Bank. The DOJ and the SEC have reportedly since initiated separate investigations into the collapse of Silvergate Capital and SVB. The regulators will examine the events leading up to the bank’s collapse, including scrutinizing security filings that disclosed the sale of SVB shares by the firm’s CEO Greg Becker and CFO Daniel Beck that took place two weeks prior to its downfall.

The SEC has not formally commented on the matters, but SEC chair Gary Gensler said on March 12 that it “will investigate and bring enforcement actions if we find violations of the federal securities laws.” The investigations into Signature Bank and other cryptocurrency-friendly banks highlight the increasing scrutiny of the cryptocurrency industry by regulatory bodies, particularly in the United States.

Thailand SEC Eases ICO Restrictions

Thailand’s Securities and Exchange Commission (SEC) has announced plans to ease restrictions on retail investments in initial coin offerings (ICOs) to boost digital investments in the country. In an official announcement on March 30, the regulator indicated its willingness to lift the limit of 300,000 baht ($8,800) for asset-backed ICOs per person, paving the way for more significant investments in real estate and infrastructure-backed ICOs.

The move comes amid growing interest in digital investments in Thailand, particularly in the real estate sector. The SEC’s decision to ease restrictions on retail investment is expected to encourage more participation from investors and promote greater innovation in the digital investment space.

Currently, ICOs in Thailand are only permitted for institutional and high-net-worth investors, who are required to meet strict criteria for investment. The SEC’s decision to expand the scope of retail investments in ICOs is a significant step towards greater inclusivity and accessibility in the digital investment space.

Thailand’s ICO market has been growing in recent years, driven by the government’s commitment to promoting digital investments and the country’s thriving tech startup scene. The government has been working to create a regulatory framework that supports the growth of the ICO market while protecting investors’ interests.

The SEC’s move to lift the restrictions on retail investment in asset-backed ICOs is expected to stimulate further growth in the sector. The regulator has been closely monitoring the ICO market and has taken steps to prevent fraud and protect investors. The SEC’s decision to ease restrictions is a positive sign for the ICO industry, indicating that the regulator is committed to promoting innovation and growth in the digital investment space.

In conclusion, Thailand’s Securities and Exchange Commission’s decision to ease restrictions on retail investment in ICOs is a significant step towards greater inclusivity and accessibility in the digital investment space. The move is expected to encourage more participation from investors and promote innovation in the sector. With the government’s commitment to promoting digital investments and the SEC’s efforts to create a supportive regulatory framework, Thailand’s ICO market is poised for further growth in the coming years.