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Privacy-Focused Enigma Files With SEC for ENG Token
Once the registration statement becomes effective, Enigma would be required to file annual and quarterly reports with the regulatory body for its token.
Updated Sep 14, 2021, 9:58 a.m. Published Sep 18, 2020, 5:58 p.m.
Blockchain startup Enigma filed a registration statement for its ENG token with the U.S. Securities and Exchange Commission.
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According to the document published on the SEC’s portal Friday, the registration statement is tied to the privacy-focused firm’s February settlement with the regulatory body regarding the project’s 2017 initial coin offering (ICO).
- The project's registration statement notes the ENG tokens are currently used as a payment tool on the project’s data network and shouldn’t be viewed as resembling traditional securities.
- “ENG tokens lack features of such securities, including the right to receive a dividend or distribution; ENG tokens also do not provide holders with any voting, liquidation or preemption rights,” the project’s registration statement notes.
- According to the filing, once the registration statement becomes effective Enigma would be subject to the Exchange Act, which means it would be required to file an annual 10-K, quarterly 10-Q and current 8-K reports.
- Enigma is one of the development companies working on the Secret Network. Earlier this week, "secret smart contracts" were also launched on the network's mainnet and the “Secret Network” is now focusing on scaling and building connections to public networks such as Ethereum and Cosmos Hub.
- The Secret Network also announced a partnership with, and investment from, Hashed, a blockchain firm in Asia. The investment is for an undisclosed amount.
Benjamin Powers contributed reporting.
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