Blockchain Firm Settles With SEC Over Unregistered $6.3 Million SAFT

The SEC said on Monday that New England-based SimplyVital Health, Inc. raised around $6.3 million in ether (ETH) via a pre-sale of its HLTH tokens to fund a touted “healthcare-related blockchain ecosystem” called Health Nexus.

A healthcare-focused blockchain firm has settled charges with the U.S. Securities and Exchange Commission (SEC) over its 2017 ICO.

The pre-sale was notably offered under a simple agreement for future tokens (SAFTs) arrangement – a model supposedly designed to simplify the ICO process and reduce the risk of enforcement actions by offering investment contracts rather than tokens. Following the pre-sale, which closed in April 2018, the firm did not move forward with the planned public offering.

The firm sold HLTH tokens that were “not be delivered to investors unless and until created by SimplyVital”, according to the SEC.

The commission ultimately ruled that the company had violated provisions of the Securities Act of 1933 by not registering the SAFT with the regulator prior to the offering and did not qualify for an exemption from registration.

SimplyVital complied with a cease-and-desist order from the SEC, while not “admitting or denying the SEC’s findings.”

By April 19, 2019, SimplyVital had voluntarily returned the bulk of the funds raised from investors – a factor that the SEC said it took into account when it decided not to impose civil penalties.

As reported in March 2018, industry sources had told CojnDesk that the SEC was likely going after SAFT sales.

One candid source said at the time:

“The SEC is targeting SAFTs. The new approach of the SEC is to consider tokens as both utility and security at the same time, meaning a token can bring utility to a platform but at the same time can be considered as a security if you sold it to parties that mainly looked for profit on its increase in value.”

Blockchain Life 2020 Welcomes 5000 Participants and Leading Companies Moscow

The biggest event on blockchain, cryptocurrencies, and mining in Europe is taking place at an innovative venue – Music Media Dome.

blockchain life moscow 2020

On April 22-23 Blockchain Life 2020 brings together 5000 participants from 70 countries. Among them: businessmen and entrepreneurs, investors, miners, blockchain developers, founders of the innovative startups, government officials and everyone who wants to know more about one of the most promising sphere.

Learn more about the forum and get an Early Bird ticket on https://blockchain-life.com/europe/en/

At Blockchain Life 2020 the following topics are highlighted: blockchain development and its implementation in business, analysis of current methods of earning in the field of cryptocurrencies, trading, and mining. An important task of the forum is to create a platform for a dialogue between the industry community and government authorities.

One of the most expected moments of Blockchain Life 2020 – exclusive speech of Ian Balina – a world-famous blogger, blockchain-entrepreneur, and investor.

Among speakers of the forum:

  • Ruslan Ensebaev (Vice-minister of Finance of the Republic of Kazakhstan);
  • Joselite Ramirez (The National Superintendent of Crypto actives in Venezuela);
  • Anatoly Kaplan (Founder of Forklog)
  • Sergei Khitrov (Founder of Listing.Help and Jets.Capital);
  • Arthur Azizov (Founder of B2Broker.net);
  • Alexander Borodich (Founder of Universa);
  • Bulat Kaliev (Head of Blockchain Lab at Deloitte CIS);
  • Nikolay Mukhanov (CEO S7 TechLab);
  • Rauan Khassan (VP TradingView);
  • Artem Kalikhov (CPO of Waves Enterprise) and others.

Two days of networking with top-management of the leading companies: Binance, BitForex, Listing.Help, Trading View, Huobi, KuCoin, B2Broker, Bitmain, Gazprom Neft and many others await Blockchain Life 2020’s attendees.

Forum’s organizers: Listing.help, the world’s leading listing agency on crypto exchanges, and Ideo.one, an international association. General sponsor – a cryptocurrency exchange BitForex.com. General sponsor of the AfterParty – FX and Crypto Liquidity & Technology Provider B2Broker.net.

Blockchain Life 2019

The 4th largest international forum on blockchain and cryptocurrencies Blockchain Life 2019 takes place in Moscow on October 16th-17th.

Every year forum gathers more than 6,000 participants from 70 countries, bringing together industry professionals and the ones who have just started their way in the crypto market.

Experts and participants from 70 countries will discuss the fast development of blockchain technology in Russia and the world. All possible ways of making money on cryptocurrencies and innovative start-ups, blockchain implementations, and market forecasts will be reviewed at the forum.

Industry regulation in various countries will be a special topic for this year. Participants of the Blockchain Life 2019 forum will find out where to invest in at the end of 2019 to get maximum ROI.

Among the first Blockchain Life 2019 speakers:

  • Gleb Kostarev (country manager at Binance Russia and CIS)
  • Richard Wang (managing partner of DFJ Dragon)
  • Stefan Rust (CEO of Bitcoin.com)
  • Bill Barhydt (CEO & founder of Abra)
  • Pavel Lagutin (senior product director at TRON)
  • Sergei Khitrov (founder of Listing.help)
  • Serguei Popov (co-founder of IOTA)
  • Vit Jedlička (the President Of Free Republic of Liberland)
  • Martin Kuvandzhiev (founder of Bitcoin Gold)
  • Klim Geran (head of NEM)
  • Evgeny Loza (top trader at TradingView)

Bitmain and Kaspersky Lab representatives, as well as top world advisors, will join the forum as speakers.

World crypto industry leaders will soon be announced on the official website. Stay tuned!

Blockchain Life 2019 is one of the most significant events in the world and the biggest event in Russia and Europe.

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