The price of EOS has moved past the $3 mark, as the cryptocurrency’s price jumped after Block.one, the developer of the EOS.IO software, agreed to pay $24 million over its unregistered initial coin offering (ICO).
At press time, according to CryptoCompare data, EOS is trading at around $3.031 after rising 4.5% in the last 24-hour period. The cryptocurrency’s market cap is of around $3.09 billion, and nearly $11 million worth of the cryptocurrency were traded in a day.
EOS tokens were initially distributed through a year-long ICO that saw Block.one raise $24 million, in a token sale the U.S. Securities and Exchange Commission claims Block.one didn’t register for, nor seek exemption from the registration requirements.
In a statement the co-director of the SEC’s Division of Enforcement, Stephanie Avakian, stated:
A number of US investors participated in Block.one’s ICO. Companies that offer or sell securities to US investors must comply with the securities laws, irrespective of the industry they operate in or the labels they place on the investment products they offer.
Block.one has responded noting the ERC-20 tokens it sold are no longer in circulation, as it has moved from the Ethereum blockchain to its EOSIO network. The company added it’s excited to “resolve these discussions with the SEC” and “committed to ongoing collaboration with regulators and policy makers.”