Worried about the security of your cyptocurrency? How about having the Blockchain Exchange Commission protect you.
It won’t.
According to a complaint filed by Securities and Exchange Commission, Reginald Ringgold is a founding member of this very prestigious-sounding, regulatory-sounding Blockchain Exchange Commission. According to it’s LinkedIn page:
The mission of the [Blockchain Exchange Commission] is to protect investors; and assist in maintaining fair, orderly, and efficient markets within the Blockchain Digital Asset Space. The [Blockchain Exchange Commission] strives to promote a market environment with Decentralized Governance and reliance on distributed ledgers rather than internal ledgers that can exploit the public’s trust.
You might want to compare that to the What We do Page on the SEC’s website:
The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.
Even more fun, the BEC lists it’s address on LinkedIn as 100 F Street NW in Washington D.C. You may know that better as the SEC headquarters.
It looks like the BEC has cleaned up its website, removed its claims of investor protection and stated its address in San Diego.
The information about the BEC came out in an SEC complaint against Blockvest and its founder, the same Reginald Ringgold.
“Don’t look for the needle in the haystack…just buy the whole haystack.” – Reginald Ringgold
The SEC won’t approve Bitcoin ETFs, so Blockvest is creating a token as a fund. The offering is some pool of something that does something, blockchain, blockchain… The whitepaper is a bunch of nonesense.
The Securities and Exchange Commission obtained an emergency court order to halt a planned initial coin offering of Blockvest, which falsely claimed that it was approved by the SEC. The order also halts ongoing pre-ICO sales.
There is no bigger red flag than stating that an offering is approved by the SEC.
Sources:
- SEC Stops Fraudulent ICO That Falsely Claimed SEC Approval
- Securities and Exchange Commission v. Blockvest, LLC and Reginald Buddy Ringgold, III a/k/a Rasool Abdul Rahim El, Civil Action No. 18-CV-2287-GPC (BLM) (S.D. Cal. filed Oct. 3, 2018)
