Siacoin settles with the SEC over Sianotes offering for $225,000

Sia, the organization that developed and launched Siacoin ($SC), announced on Twitter that they settled with the SEC over their 2014 offering of Sianotes. In a thread posted to Twitter, Sia explains that the SEC concluded that Sianotes constituted a security, which violated Section 5 of the Securities Act of 1933. Sia added:

"We did not anticipate that the SEC might later deem Sianotes or any other blockchain assets to be securities. [...] Without admitting to or denying the SEC’s allegations, we agreed to a settlement and will pay approximately $225,000."