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© 2017 by the Law Offices of Zachary L. Catanzaro, PA

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SEC Deflates Crowdfunded ICO Start-Up Protostarr

September 4, 2017

 

On the heels of its July report concerning DAO digital tokens, in which the Securities Exchange Commission concluded that DAO tokens could be labeled as securities, the SEC recently demanded that crowdfunded Protostarr scrap its ongoing ICO plans and refund its investors. 

 

In its recent press release, Protostarr announced:

 

On August 24, 2017, we were contacted by the United States Security and Exchange Commission regarding the initial coin offering of Protostarr tokens to fund the development of our Ethereum decentralized application. After consultation with multiple lawyers, we have decided to cease further operations and refund Ethereum collected in our crowdsale that began on August 13, 2017.

 

The token was advertised as a way for content generators on YouTube, Twitch and other streaming websites to collect funding from fans.  According to a Forbes report, the platform had raised 119.5 ether or approximately $47,000.00 on the date of the SEC inquiry.  The managers of Protostarr had also failed to consulted with securities attorney’s prior to its launch plans.  The decision is seem among cryptocurrency experts as the first decision in a line of tightening changes and federal interest in the regulation of cryptocurrency markets.

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