Lovely SEC is busy ignoring what might be perceived as deceptive marketing by Justin Sun in regards to claiming there is such a thing as Tron 4.0, because apparently they find far more egregious the attempts of seemingly a decent team to provide much needed competition to the monopoly like service of Google search.
The ‘criminals’ here are engineers, researchers, and business leaders who have graduated from world-renowned schools such as Tel Aviv University, MIT and Carnegie Mellon.
Their great sin was to engage in capitalism, the process whereby you use untapped savings to turn them into productive economic activity in the expectation of increasing the value of such savings with the product here being giving people control over their data.
Data, the so called new oil, is what gives Google its monopoly. Hence why perhaps the Securities and Exchanges Commission (SEC) has been very busy with stopping these ‘usurpers’ instead of going after actual criminals like scammers and fraudsters. They say:
“According to the SEC’s order, from June to November 2017, BitClave raised over $25 million by selling its Consumer Activity Tokens (CAT) to approximately 9,500 investors, including investors in the U.S.
The order finds that, as explained in its offering materials, BitClave planned to use the ICO proceeds to develop, administer, and market a blockchain-based search platform for targeted consumer advertising.”
Those 9,500 individuals from across the globe clearly know nothing. SEC is the all knowing judge, jury and executor, and the expert on what is valuable and what is not valuable, what is best for your savings. Tremble at these words o you sinners:
“Issuers of securities, traditional or digital, must comply with the registration requirements of the federal securities laws,” said Kristina Littman, Chief of the SEC Enforcement Division’s Cyber Unit.
That was their only crime, to not ask SEC first for permission, and for not paying the massive fees – fined $400,000 this project was. Fees which to be able to afford you need to raise money, but you can’t because you need to pay the fees to raise money.
To say nothing of the snail speed of this bureaucracy which makes the two weeks ethereum 2.0 look like a very agile and fast moving project.
“We are grateful to have had support from a team and a community passionate about data privacy and finding ways to enable consumers to control when and how they share data,” the BitClave team said to the drums of dying innovation in the United States.
An America that once rode the waves, and now requires a license for lemonade. A United States where one can’t name one innovation in half a century outside of the tech field for innovators have been chained.