EOS price (EOS/USD) spikes above $3 as Block.one settles SEC charges

EOS price (EOS/USD) spikes above $3 as Block.one settles SEC charges

EOS price (EOS/USD) spikes above $3 as Block.one settles SEC charges

The seventh-largest digital currency, EOS, had a very positive trading session on Monday, as its price moved within striking distance of the $3 level amid a larger cryptocurrency uptick. Following a notable price jump in late morning trading, the coin break above the $2.90 barrier and later hit an intraday high of $2.99. EOS finished the session as $2.96, well above its opening level of $2.80.

The coin saw another sharp increase during today’s morning trading, with its price surging past the $3 mark in the early hours of the session. The coin rose to as high as $3.09, which was its highest price level since September 24. However, the has pulled back in subsequent trading, losing all of its early progress. At the time of writing, the EOS price was hovering around the level of its Monday close, according to data from digital currency tracker Coinmarketcap.

The sudden spike followed news that Block.one, the maker of the EOS token, reached settlement with the US Securities and Exchange Commission (SEC) over what the regulator deemed to be an unregistered initial coin offering (ICO). The EOS token sale, which was conducted over a one-year period on the Ethereum network, raised $4.1 billion to become the biggest ICO on record. The SEC announced on Monday evening that Block.one had agreed to pay $24 million in penalties to settle the charges.

In its own press release, Block.one stressed that the settlement “relates specifically to the ERC-20 token sold on the Ethereum blockchain during the aforementioned period”. That token is no longer in circulation as holders switched to new EOS tokens when the EOS network launched last year. The settlement would not require the native EOS token to be registered as a security with the SEC, the company said.

In today’s trading, the EOS price stood at $2.98, as of 14:41 BST. The digital currency has gained 2.2% in the past 24 hours.

Featured image: Pogorelova Olga / Shutterstock.com

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