Tierion Announces Settlement with U.S. Securities and Exchange Commission
December 23, 2020
Austin, TX., December 23, 2020 — Tierion has reached a civil settlement with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the company’s sale of an ERC-20 token between July 22, 2017 and July 28, 2017. Under the settlement, Tierion will pay a one-time fine of $250,000 to resolve this matter, whilst neither admitting nor denying the SEC’s claims.
The settlement relates specifically to the TNT ERC-20 token which is no longer in use, and will not require the token to be registered as a security with the SEC. The SEC has simultaneously granted Tierion an important waiver so that Tierion is not subject to certain ongoing restrictions that otherwise would apply as a result of such a settlement. Tierion believes the SEC’s granting of this waiver evidences Tierion’s cooperation with the SEC and its continuing commitment to compliance. This settlement resolves all matters between Tierion and the SEC.
In accordance with the settlement terms, the TNT token smart contract has been permanently paused, and the Company will administer a claims process to those who participated in the aforementioned token sale or currently hold TNT, as further specified in the Order. Those who elect to participate must submit a completed claims form along with certain required supporting documentation to be eligible to receive a payment.
The company issued the following statement regarding the announcement:
“We are pleased to reach this agreement with the SEC. This settlement completes the retirement of the TNT token and enables Tierion to move forward without a heavy regulatory burden.”