SEC Closes the Vault on Tezos

In a recent twist that has the cryptocurrency world buzzing, the U.S. Securities and Exchange Commission (SEC) has turned down a Freedom of Information Act (FOIA) request pertaining to the enigmatic blockchain project, Tezos. Attorney David Silver, representing plaintiffs in an ongoing lawsuit against Tezos, made the request in an attempt to extract information that could provide clarity on the legal barriers facing this high-profile ICO.

The ICO Roller Coaster Ride

Tezos has certainly created its fair share of headlines since its $232 million raise in July 2017, a record-breaking Initial Coin Offering (ICO) that put it right in the crosshairs of regulatory bodies. The journey hasn’t been smooth; following the ICO, the company found itself embroiled in multiple lawsuits, including one back in November 2017, alleging that it sold unregistered securities to US investors.

SEC’s Response: Exemption 7(A)

The SEC’s letter to Silver outlined the reasoning for withholding the requested information, invoking Exemption 7(A) under FOIA. According to the letter, the SEC expressed that releasing information would interfere with ongoing enforcement activities. Talk about a modern-day version of