The United States Securities and Exchange Commission (SEC) have settled with Nebulous, the firm behind the Sia decentralized cloud storage network.
October 1 saw the SEC announce in a press release that it has settled the charges against the firm behind the Sia network in the form of a civil monetary penalty.
According to the U.S. regulator, the blockchain business conducted an unregistered offering of Sianotes in 2014, for a total of $120,000. They promised future revenue generated from transactions on the Sia network.
Nebulous agreed to pay approximately $225,000 in disgorgement and penalties. Nebulous COO Zach Herbert reportedly said :
“While disappointed that the SEC chose to pursue a steep penalty of almost double what we raised in our 2014 offering of Siafunds, especially compared to their lax handling of EOS, we view this settlement as highly positive for Sia. By choosing not to take action against Siacoins, we believe the SEC has validated Sia’s two-token model. We will continue to build and improve the Sia network at a rapid pace.”
The charges were settled by Nebulous settled without admitting or denying the findings.