SEC (US) Enforces Against 2 ICOs

Source:, Nov 2018

<official SEC announcement: LINK>

  • Cease-and-desist orders were entered under the Securities Act of 1933 against Paragon and CarrierEQ Inc. (Airfox)
  • The SEC has developed or appears to be developing a template for ICO enforcement
  • The SEC made it clear that tokens that fit within the Howey Test rubric are actually securities
  • It appears that the volume of enforcement actions by the SEC is set to increase

Source: “;


Singapore: Tokens as Non-Securities

Source: FinRazor, Sep 2018

a representative of the Monetary Authority of Singapore (MAS) has spoken that the central bank has not yet considered any token as securities.

So far Singapore’s central bank perceived none of the tokens they considered are qualified to be regulated under its securities law.

Pang discussed the guidelines in A Guide to Digital Token Offerings which was published by MAS in 2017. In the guidelines tokens were categorized into three separate types:

  • Utility Tokens — are mined solely for accessing particular services provided by the company. MAS has no intention to regulate this token type.
  • Payment Tokens — can be used as a means of payment and holds value. By the end of 2018, a payments bill will be made into law.
  • Security Tokens — possess a promise or rights to a company’s future earnings.

Related Resource: Coindesk, Sep 2018