Enigma files registration statement for its ENG token months after SEC settlement
September 18, 2020, 10:38AM EDT
1 min read
Enigma, the blockchain startup that settled with the Securities and Exchange Commission (SEC) earlier this year over its 2017 token sale, has filed a registration statement with the agency.
The document, published Friday morning, is tied to Enigma's SEC settlement, which was announced in February. As previously reported, Enigma neither admitted nor denied the agency's findings, but it paid a $500,000 penalty and agreed to return funds to investors who bought into its $45 million ICO. At the time, the SEC said that the token sale represented an unregistered securities sale and that Enigma did not qualify for an exemption.
As Enigma noted in this week's filing: "Once this Registration Statement has become effective, we will be subject to the requirements of Section 13(a) of the Exchange Act, including the rules and regulations promulgated thereunder, which will require us, among other things, to file annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, and we will be required to comply with all other obligations of the Exchange Act applicable to issuers filing registration statements pursuant to Section 12(g) of the Exchange Act."
The document also outlines the Secret Network, "the successor of the Enigma Protocol," which is a proof-of-stake blockchain (based on the Cosmos SDK) with its own token, SCRT. The token serves governmental functions at the protocol level.