The SEC’s Ongoing Saga with Veritaseum
Looks like the SEC has found themselves in the tumultuous waters of cryptocurrency once again, this time taking aim at Veritaseum and its enigmatic CEO, Reginald Middleton. The ongoing drama isn’t just boardroom banter; the SEC reportedly filed a complaint in August 2019 that set the stage for a showdown in the New York Eastern District Court. Seriously, anyone else feel like we need popcorn for this?
Initial Conference and Adjournment: A Legal Chess Game
After throwing down the legal gauntlet, the SEC called for an initial conference early in October. But wait, there’s more! The agency promptly filed a motion to adjourn the gathering, resulting in a new date set for November 14, 2019. It’s like a bad reality show where they just keep promising big drama but keep pushing the premieres back!
Money Talks: $14.8 Million and Counting
Now, if you thought that the SEC was just drumming up excitement for a soap opera, consider this: Veritaseum is accused of raising a jaw-dropping $14.8 million through unregistered securities that might as well have been sold at a yard sale. The crux of the complaint revolves around allegations of shifty marketing tactics surrounding their digital assets, the oh-so-mysterious Veritaseum (VERI) tokens—or as they like to refer to them, “Veritas.”
Fiction vs. Reality: All Smoke and Mirrors
According to the claims, Middleton and his organizational wizards conjured up tales of extravagant investor demand and potential revenue streams that, spoiler alert, turned out to be total fabrications. They allegedly misled investors on earlier ventures that simply didn’t exist, which feels just a tad like someone making up an ex who went to ‘that great school in the sky’—not cool, Middleton.
Manipulative Trading: A Recipe for Disaster
But hold onto your hats, folks, because the SEC’s complaint doesn’t stop at deception over investor demand. They accuse the kings of crypto shenanigans of manipulating trading of VERI tokens to inflate prices. It’s like putting on a magic show where the rabbits (tokens) just keep multiplying—only to find out they weren’t real rabbits at all!
Dressed Up as Something They’re Not
And just when you thought it couldn’t get any crazier, Middleton reportedly tried to rebrand VERI tokens to dodge the securities laws like a ninja in a hallway full of lasers. He labeled these digital assets as “pre-paid fees,” “software,” and even “gift card-based derivatives.” If I didn’t know better, I’d think he was trying to sell me a sandwich instead of securities!
The Current Landscape for VERI Tokens
As of the time this riveting saga continues, VERI has catapulted to fame as the 226th-largest crypto asset, boasting a market cap of around $35 million according to the latest figures. They’ve seen ups and downs, notably a dramatic plunge from $16 to a mere $4.30 after the SEC’s asset freeze request, only to rebound, gaining around 26% in the last 24 hours. They’re basically the comeback kid of the crypto world!
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