CandleFocus TrustToken and TrueCoin SEC settlement admits no fault or denial in TUSD case
2024-09-30
Author: Content Editor
TrustToken and TrueCoin, creators of the stablecoin TrueUSD (TUSD), have reached a settlement with the US Securities and Exchange Commission (SEC) regarding allegations of fraudulent and unregistered sales of investment contracts. The companies will pay a combined total of $700,000 in penalties and disgorgement without admitting or denying the SEC's findings. The SEC claimed that TrustToken and TrueCoin falsely marketed TUSD as fully backed by US dollars while a significant portion of the assets were invested in a speculative offshore fund. The settlement includes civil penalties, disgorgement, and injunctions to prevent future violations of securities laws. The news of the settlement caused TrueUSD's market cap to slightly de-peg, but it remains within ranges seen over the past six months.
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