SEC Enlists 60% of the Dormant Smart Contracts in its Recent Report

SEC Enlists 60% of the Dormant Smart Contracts in its Recent Report

According to the latest news, the U.S. Securities and Exchange Commision (SEC) has launched its yearly report. The report is a 45-page document which records detailed information about the digital currencies. Within the limitation of these pages, the name of Initial Coin Offerings (ICO) has come up more than 30 times. The commission states:

“In the past year, the Division has opened dozens of investigations involving ICOs and digital assets, many of which were ongoing at the close of FY [financial year] 2018.”

SEC, however, denies favouring only ICO and has claimed that it had discussed deeply with the scams of that have been successful in getting hold of the cryptocurrency realm. The commision speaks out:

“The Division also has recommended that the Commission use its trading suspension authority to prevent investors from being harmed by possible scams … the Commission suspended trading in the stock of over a dozen publicly traded issuers because of questions concerning, among other things, the accuracy of assertions regarding their investments in ICOs and operation of cryptocurrency platforms.”

The SEC report emerged out of the crisis in which another celebratory is under the strict vigilance of lawsuit which is facing several issues regarding the promotion of not so reliable ICOs. Here, Clifford Joseph Harris Jr., also known as T.I. has been allegedly held for his participation with “flick token”, upon owning of which the investors were sure to be provided with an upsurge of 25,000 per cent, which was denied.

Enthusiastic researchers from the Northeastern Univesity and the University of Maryland have jointly dug into the code which governs Ethereum Smart Contracts. The result was as enthusiastic as their approach towards it. There are about 1.2 billion smart contracts among which most of them are mere “clones”.

The authentic smart contracts which really should count are only 6,000 in number. Researchers are of the opinion that the increased use of the codes has posed a threat for the whole of the ecosystem. A sigh of relief is felt when it was discovered that 60% of all Ethereum smart contracts were left untouched. However, it does not mean that they are not vulnerable to the impending consequence.

Coinbase Pro observed on 2nd November 2018 that the latest token decided to be included to their list of exchange would be BAT, although the news was unacceptable to some. Dan Elitzer had thus tweeted: “Welp, it’s official. Coinbase’s lawyers are comfortable with listing digital Chuck-E-Cheese tokens. The Howey Test is clearly out the window.”

The goal of the cryptocurrencies is to wipe out the all centralized fiat currencies globally. The chief goal of the cryptocurrencies is to become an open-sourced, decentralised currency which is accessible worldwide. It would be great if the report submitted by SEC helps remind the cryptocurrencies about their goal and take precautions from the apprehended danger if any.

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