The U.S. Securities and Exchange Commission (SEC) recently settled two initial coin offering (ICO) enforcement actions grounded on the sale of unregistered securities. The two settlements, one with CarrierEQ Inc. (or AirFox) and the other with Paragon Coin Inc., are the first time the SEC has imposed civil penalties on companies solely for offering digital tokens in an ICO. Notably, the settlements signal the SEC’s intent to enforce the securities laws against sellers of cryptocurrencies, regardless of whether a seller engages in fraudulent activity. To read more about the settlements, click here.