Law360 (August 6, 2021, 8:55 PM EDT) — The U.S. Securities and Exchange Commission announced a $13 million settlement Friday of a first-of-its-kind action against two Florida men and their company for allegedly selling $30 million worth of unregistered securities that used “decentralized finance,” or DeFi, technology.
The agency said in an order that Blockchain Credit Partners, which did business as DeFi Money Market, used smart contracts, which are self-executing agreements built on blockchain, to offer and sell two types of digital tokens.
One promised to pay out a fixed interest rate and the other entitled buyers to a share of profits on supposedly “real world” income-generating assets acquired…
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