Don’t tug on Superman’s cape:
The Securities and Exchange Commission got an emergency court order to stop an Initial Coin Offering that falsely claimed that the SEC had “approved” the ICO. It also halted pre-sales of the tokens from Blockvest LLC and its founder, Reginald Buddy Ringgold, III (aka: Rasool Abdul Rahim El – probably not Superman’s dad).
His offering documents apparently “promoted the ICO with a fake agency he created called the “Blockchain Exchange Commission,” using a graphic similar to the SEC’s seal and the same address as SEC headquarters.”
He also allegedly misrepresented a relationship with an accounting firm and “continued their fraudulent conduct even after the National Futures Association (NFA) sent them a cease-and-desist letter to stop them from using the NFA’s seal and from making false claims about their status with that organization.”
On the other hand, mutual fund giant Fidelity announced a new and separate company called Fidelity Digital Asset Services that plans to handle custody for cryptocurrencies such as bitcoin and will execute trades on multiple exchanges for investors such as hedge funds and family offices.