After UnikoinGold’s token sale, the USA’s Securities and Exchange Commission (SEC) established guidelines which, applied retroactively, raised many questions with regards to the future of UKG. Unikrn’s priority was in growing and innovating the Unikrn platform while trying to find common ground with the SEC that would allow us to promote the merits of UKG, according to a media release.
Short of that, our other option was to reach settlement on UKG’s past and discontinue it moving forward so that our energies could be effectively directed.
We spent months working with the SEC to come to a solution that was about moving the business forward. The common ground we found requires Unikrn to completely stop supporting UKG and help provide a fund for purchasers of UnikoinGold. This gives us clearance to focus on continuing to build our industry-leading business.
As such, Unikrn has agreed to an Order of Settlement with the SEC, pursuant to which Unikrn will pay a total of $6.1 million to the SEC so they can begin to manage the claims process.
“[Unikrn] is not alleged to have engaged in any fraud in doing so,” said SEC Commissioner Hester M Peirce in her public statement. She also stated, “I do not concur in my colleagues’ opinion that Unikrn’s token offering constituted a securities offering. […] By failing to challenge ourselves to experiment with new approaches to regulation, we, and those whose interests we are pledged to serve, risk surrendering the fruits of innovation. I respectfully dissent from the Commission’s actions today relating to Unikrn.”
Although this agreement also means Unikrn will need to discontinue support for UnikoinGold, it won’t stop us from innovating on payments and on the blockchain. We will continue to offer regulator-approved wagering and other services with major currencies including: Fiat Currencies, Bitcoin, BitcoinCash, Ethereum, Dogecoin, GUSD, USDC, PAX, BUSD, Ripple and others. Going forward, Unikrn will also consider other options internationally based on community feedback.