The company behind EOS paid just over $24m to the SEC on a token sale that raised $4b. But will the small beans settlement bring back to life the ICO market which raised $22b or the subsequent IEO offering that raised $1.6b? DeCrypto says not so quick.
Preston Byrne, a partner at Byrne & Storm, echoed Palley’s sentiment, telling Decrypt that “This is not a ‘green light’ to other companies to begin printing tokens in the U.S. with abandon. Any entrepreneur considering doing so is more likely to share the fate of Paragon or Protostarr, or worse, than of EOS.” “Entry into this settlement will make it difficult for EOS to argue that what it did in 2017 wasn't an offer and sale of securities in subsequent litigation,” said Byrne.