SEC Refuses Request For Information On Disputed Tezos... | News

The U.S. Securities and Exchange Commission (SEC) declined to supply info on Blockchain mission Tezos requested by legal professional David Silver through the Freedom of Information Act (FOIA), Reuters reported Feb. 10.

Silver represents plaintiffs in a lawsuit filed in opposition to Tezos again in November, 2017, the second of a number of lawsuits in opposition to the corporate because it gathered $232 mln in a record-breaking ICO in July, 2017.

In the response letter to Silver’s request for info, the SEC denied info disclosure relating to Tezos, citing Exemption 7(A) of FOIA. According to Reuters, the letter didn't suggest that Trezor was underneath SEC investigation.

The SEC acknowledged within the letter that such an exemption is used when the discharge of data may “be expected to interfere with enforcement activities”:

"This exemption protects from disclosure records compiled for law enforcement purposes, the release of which could reasonably be expected to interfere with enforcement activities. Since Exemption 7(A) protects the records from disclosure, we have not determined if other exemptions apply. Therefore, we reserve the right to assert other exemptions when Exemption 7(A) no longer applies,"

Tezos ICO, in second place when it comes to most funds raised by any ICO, has been a topic of scrutiny and multiple lawsuits since over the query of its compliance with SEC laws. The lawsuits declare that in their ICO Tezos was promoting securities to US buyers with out registration and approval of the SEC.

During the SEC and CFTC hearings Feb. 6, Jay Clayton, chairman of the SEC, emphasised that many ICOs are violating present legal guidelines and warned that ICOs to “should pay more attention” for the reason that SEC will examine these potential violations additional.