December 19, 2019 – New York – Blockchain of Things, Inc. (“BCoT” or the “Company”), a company that provides 2nd layer APIs and rapid application development tools for companies that want to build applications on or integrate with the Bitcoin blockchain, today announced that it has reached a settlement with the U.S. Securities and Exchange Commission (“SEC”) related to BCoT’s offer and sale of BCOT Tokens in its 2018 Token Pre-Sale and subsequent Public Token sale.
The SEC has simultaneously granted Blockchain of Things an important waiver so that Blockchain of Things will not be subject to certain ongoing disqualifications [from reliance on certain offering exemptions] that would otherwise result from the SEC settlement.
The settlement with the SEC provides for entry of an administrative cease-and-desist order that requires, among other things, compliance with certain provisions of the federal securities laws and regulations (the “SEC Settlement”). Under the terms of the SEC Settlement, the Company will register BCOT Tokens under Section 12(g) of the Securities Exchange Act of 1934 as a class of securities, maintain that registration and make timely filings as required by law and the SEC Settlement, and pay a civil monetary penalty of $250,000.
In addition, under the terms of the SEC Settlement, the Company will administer a claims procedure available to purchasers who purchased BCOT Tokens from the Company before and including June 27, 2018. Pursuant to that claims procedure, purchasers of BCOT Tokens from the Company before and including June 27, 2018 who elect to participate and timely submit a complete Claim Form and required supporting documentation will be permitted to tender their BCOT Tokens to the Company in exchange for payment of the amount due under Section 12(a) of the Securities Act. The Company will distribute a Claim Form in accordance with the terms of the SEC Settlement. As required by the SEC Settlement, the Company will submit a monthly report to the SEC of the claims received and the claims paid under its voluntary claims procedure, including (a) identifying information about each claimant; (b) the amount of each claim; (c) the resolution of each claim, including the amount of each payment; (d) identification of all claims not paid and the reasons for all non-payment of claims; and (e) a list of all complaints received and how the Company addressed each complaint.
The SEC Order is available at https://blockchainofthings.com/tokensett.
“This resolution with the SEC gives Blockchain of Things the path forward to full compliance with the U.S. securities laws and clears the way for Blockchain of Things to pursue its continued vision of bringing to industry, a cost saving, easy to use, powerful blockchain integration technology. Blockchain of Things is thankful that the BCOT token is included in today’s action by the SEC and that we are thereby being given the opportunity to continue to deliver our innovative second layer technology while continuing to participate in the ever-evolving blockchain application space,” said Mr. De Castro, CEO of Blockchain of Things. “We believe many purchasers of BCOT tokens share our vision of revolutionizing the way business is conducted through blockchain technology, and this action today is an important step in solidifying our compliance and further developing our state-of-the-art 2nd layer Catenis technology platform targeted towards enterprises, entrepreneurs, and developers alike.”
About Blockchain of Things
Formed in 2015, Blockchain of Things has become one of the leaders in enterprise-class software integration technology which allows organizations to quickly leverage the capabilities of blockchain technology. Their premier platform Catenis Enterprise offers a web services layer for rapid Bitcoin blockchain integration, while Catenis Flow provide code-free flow-based programming to simplify and accelerate secure global peer-to-peer edge device messaging, digital asset control, and recording of immutable data. The company is located in New York City in the United States.
To learn more about how building blockchain applications can be fast, cheaper, and easier, visit www.blockchainofthings.com.
Forward Looking Statements
This press release contains forward-looking statements of the Company that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this press release are forward-looking statements. Forward looking statements can be identified by the use of the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” and similar expressions. The forward-looking statements in this press release represent the Company’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. However, while it may elect to update these forward-looking statements at some point in the future, it has no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the Company’s views as of any date subsequent to the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
Company Name: Blockchain of Things, Inc.
Contact Person: Deborah de Castro
Email: Send Email
Address:225 E 36th Street #3E
City: New York
Country: United States