Tezos Likely Avoiding SEC Action With $25M Class-Action Lawsuit Settlement
Cointelegraph
Published Jun 28, 2020 02:03PM ET
Updated Jun 29, 2020 04:00PM ET
The Tezos (XTZ) class-action lawsuit from law firm Block & Leviton will likely conclude in a $25-million settlement on August 27. Tezos, like many initial coin offerings (ICO) from 2017, has come under scrutiny from both investors and regulators alike alleging that its token sale constituted an illegal offering of securities.
Indeed, the U.S. Securities and Exchange Commission (SEC) has come down hard on numerous 2017-era ICOs demanding penalties for securities violation. Even distributions to non-U.S. citizens have also come under the SEC’s radar, as was the case with Telegram.
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Written By: Cointelegraph
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