AriseBank and its co-founders Jared Rice Sr. The US Securities and Exchange Commission (SEC) has halted Dallas-based AriseBank's $1bn initial coin offering, alleging the enterprise is "an outright scam". A court order also froze AriseBank's assets and, in a first for the ICO space, brought in a receiver. The SEC alleges AriseBank "misrepresented the company as a first-of-its-kind decentralised bank offering its own cryptocurrency". In an interview with CoinDesk, CEO of Arise Bank, David Lee, said that he was "disappointed" by the SEC's decision to halt the ICO.
The US Securities and Exchange Commission (SEC) has halted Dallas-based AriseBank's $1bn initial coin offering, alleging the enterprise is "an outright scam". A court order also froze AriseBank's assets and, in a first for the ICO space, brought in a receiver. The SEC alleges AriseBank "misrepresented the company as a first-of-its-kind decentralised bank offering its own cryptocurrency". In an interview with CoinDesk, CEO of Arise Bank, David Lee, said that he was "disappointed" by the SEC's decision to halt the ICO.