Million

Gary

BitClave

<p>The U.S. Securities and Exchange Commission (SEC) announced on Nov. 20 that it has distributed $4.6 million in restitution to investors affected by the 2017 ICO of BitClave, an Ethereum-based search engine. This payout is part of a settlement the company reached with the SEC in 2020 after being charged for failing to register its ICO as a securities offering.</p>   
<p><strong>Taking to social media, the official SEC handle wrote, </strong></p>   
<blockquote class="wp-block-quote">
  
 <p>“The checks are in the mail. We are sending out more than $4.6M to investors harmed by BitClave, PTE Ltd.’s unregistered ICO of digital asset securities. After a notice &amp; claims process, investors will now be receiving their share of the BitClave Fair Fund.”</p> 
</blockquote>   
<p>BitClave's 2017 ICO raised $25.5 million in just 32 seconds, attracting thousands of investors. In 2020, under then-SEC Chairman Jay Clayton, the SEC sued BitClave, alleging that the sale of its Consumer Activity Token (CAT) violated federal securities laws.&nbsp;</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   https://twitter.com/SECGov/status/1859325620364206264 
 </div>
</figure>   
<p>Although BitClave did not admit to any wrongdoing, it agreed to forfeit the funds raised in the ICO, pay an additional $4 million in penalties and interest, and destroy unsold <a href="https://coinpedia.org/price-prediction/cat-in-a-dogs-world-price-prediction-2024-2030-will-mew-price-2x-this-q4/" target="_blank" rel="noreferrer noopener">CAT tokens</a>. The company also requested that exchanges delist the token as part of the settlement.</p>   [post_titles_links postid="382772"]   
<h2 class="wp-block-heading" id="h-xrp-s-ongoing-legal-battle-will-ripple-see-a-similar-outcome"><strong>XRP's Ongoing Legal Battle: Will Ripple See a Similar Outcome?</strong></h2>   
<p>XRP users have expressed frustration, asking when it's their turn for compensation. For those unfamiliar, the SEC filed a lawsuit against Ripple in 2020, and the case is still ongoing. Many experts believe that the lawsuit has contributed to a significant drop in <a href="https://coinpedia.org/price-prediction/xrp-ripple-price-prediction/" target="_blank" rel="noreferrer noopener">XRP's price</a>. However, <a href="https://coinpedia.org/news/xrp-trend-hits-yearly-high-of-1-why-has-xrp-gone-up/" target="_blank" rel="noreferrer noopener">XRP is now trading above the $1</a> mark, largely due to support from pro-crypto President-elect Trump, who has <a href="https://coinpedia.org/news/big-breaking-secs-gary-gensler-addresses-trumps-statement-about-firing-him/" target="_blank" rel="noreferrer noopener">promised to fire SEC Chair Gary Gensler</a> on his first day in office, offering hope to the XRP community.</p>

SEC Pays $4.6 Million to Bitclave Victims, Ripple Supporters Ask, ‘What About XRP?’

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