SEC orders Bloom Protocol to register BLT token as security or face 31M fine

The Securities and Exchange Commission (SEC) has sent a cease and desist letter to Bloom Protocol (BLT), asking it to register its tokens as securities or risk up to $31 million in fines. In the 18-page letter sent on Aug. 9, the SEC accused Bloom of violating the Securities Act by offering its BLT tokens through an initial coin offering (ICO) between Nov. 14, 2017, to Jan. 2, 2018. The SEC said the crypto startup raised $30.9 million from 7,358 investors worldwide. It continued that the firm had to refund those who bought its BLT token before January 2, 2018 –a failure to do this meant the firm would have to pay all the fines to the SEC.