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    SEC distributes $4.6 million to BitClave investors following unregistered ICO, Trump advocates for US leadership in cryptocurrency

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    The US Securities and Exchange Commission (SEC) has paid $4.6 million to investors from a fund set up by BitClave after its 2017 unregistered ICO. BitClave previously committed to refund the $25.5 million raised from the ICO, along with a $4 million penalty. The SEC has now begun distributing funds to BitClave’s investors. Meanwhile, despite the SEC’s stricter regulations on cryptocurrency under President Biden, Trump aims to make the US a major player in crypto and is considering creating a White House role for crypto policy.

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    On November 20, the US Securities and Exchange Commission (SEC) coughed up $4.6 million to investors who bought into the Ethereum-based search engine BitClave’s initial coin offering (ICO). This dough is part of a settlement that BitClave agreed to pay last year after the SEC called them out for not registering their 2017 ICO as a securities offering.

    The SEC basically said, “The cash has been dropped in the post box! We’ve sent over $4.6M to investors that got hit by BitClave’s unregistered ICO of digital money securities. After the official notice and claims hoopla, investors will now be getting their piece of the BitClave Fair Fund”.

    Last year, BitClave promised to pay back around 9,500 investors who put their money into its $25.5 million ICO three years before. Though they didn’t say they goofed, they committed to refunding the $25.5 million bucks raised from the ICO and paying an extra $4 million in penalties.

    That money was put into a holding account called the Fair Fund that the SEC dished out on November 20. Back in 2017, BitClave launched the Consumer Activity Token (CAT). The SEC believed it was a securities offering since investors had a reason to think CAT would increase in value.

    BitClave eventually agreed to burn one billion CAT tokens and asked for the token to be taken off the exchange market.

    Despite the new, more aggressive regulatory stance towards cryptocurrency under President Biden, President-elect Donald Trump expressed his intent to make America “the crypto capital of the world.” He also promised to “fire” Gary Gensler, current SEC head. Meanwhile, the SEC’s head of enforcement, Gurbir Grewal, recently stepped down.

    As per news, Trump is contemplating creating a completely new White House role purely for looking into crypto policy. If launched, it’d be the first-ever position in the White House focused solely on crypto.

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