The United States Securities and Exchange Commission (SEC) unveiled charges against two crypto companies, TrueCoin and TrustToken, for their fraudulent stablecoin investment program and unregistered offer and sale of securities.
According to a press release by the agency, the SEC filed the complaint at the U.S. District Court for the Northern District of California and has settled the charges against the firms, ordering them to pay a collective penalty of $700,000.
SEC Charges TrueCoin and TrustToken
TrustToken is the developer of the lending protocol TrueFi on which TrueCoin issued the stablecoin TrueUSD (TUSD). The entities launched TUSD in 2018; the SEC accused them of engaging in the unregistered offer and sale of profit-making opportunities and investment contracts in the form of the stablecoin from November 2020 until April 2023.
TrustToken claims TUSD is the first USD-pegged stablecoin to release daily attestations for its underlying reserves by independent third-party instituti
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