SEC Crypto Fine Draws Rare Dissent From Commissioner

Law360 (September 15, 2020, 9:45 PM EDT) — A commissioner of the U.S. Securities and Exchange Commission on Tuesday offered a rare dissent to an agency enforcement action and $6.1 million fine against an online eSports gaming and gambling platform over its allegedly unregistered initial coin offering.

Commissioner Hester Peirce, whose favorable views toward cryptocurrency and digital assets have earned her the nickname “Crypto Mom,” said the penalty against platform operator Unikrn Inc. will deplete “substantially all” of the Seattle-based company’s assets, and all because Unikrn conducted an allegedly improper offering in 2017 of supposed securities.

Unikrn was never accused of committing fraud, said Peirce, who decried the fact…

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