{"id":65,"date":"2021-02-27T22:47:33","date_gmt":"2021-02-27T22:47:33","guid":{"rendered":"https:\/\/cryptoheretostay.com\/2021\/02\/27\/the-us-sec-revokes-registration-of-long-blockchain-corps-securities\/"},"modified":"2021-02-27T22:47:34","modified_gmt":"2021-02-27T22:47:34","slug":"the-us-sec-revokes-registration-of-long-blockchain-corps-securities","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=65","title":{"rendered":"The US SEC Revokes Registration of Long Blockchain Corp&#8217;s Securities"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The U.S. Securities and Exchange Commission (SEC) says it has revoked the registered securities of Long Blockchain Corp (LBCC) after the company failed to file annual reports since Dec. 31, 2017. In addition, the SEC says LBCC, which made the switch from soft drink production to activities related to blockchain technology in December 2017, is also \u201cdelinquent in filing quarterly reports.\u201d<\/strong><\/p>\n<h2 style=\"text-align: center;\">Non-Existent Blockchain Business<\/h2>\n<p>In a document that reveals the proceedings against LBCC, the SEC, which cites the Securities Exchange Act of 1934, says its decision (to revoke securities) is intended to protect investors. The SEC adds that an investigation had found that after the name change from Long Island Iced Tea Corp to LBCC, the listed company\u2019s \u201cblockchain business never became operational.\u201d<\/p>\n<p>Meanwhile, concerning the status of LBCC\u2019s common stock, the SEC said the following:<\/p>\n<p>The common stock of LBCC was registered under Section 12(b) of the Exchange Act and traded on Nasdaq until Nasdaq filed a Form 25 on June 6, 2018, to delist the securities. LBCC stock is currently quoted on OTC Link whose parent company is OTC Markets Group, Inc, having not filed \u201ca form 10-Q\u201d since the period ended September 30, 2018.<\/p>\n<h2 style=\"text-align: center;\">LBCC Agrees to Settle<\/h2>\n<p>In the meantime, the SEC says LBCC has since \u201csubmitted an Offer of Settlement which the Commission has determined to accept.\u201d According to the SEC, this revocation became effective as of Feb. 22, 2021. The revocation of the registration of each class of LBCC\u2019s securities by the SEC is the latest setback for the company.<\/p>\n<p>As reported by news.Bitcoin.com, LBCC\u2019s December 2017 plot to associate itself with the blockchain technology may have helped to trigger the 400% single-day price surge. However, this change in fortunes would prove to be short-lived as the Nasdaq Listing Qualifications Department would later institute delisting proceedings against LBCC\u2019s common stock.<\/p>\n<p><em><strong>What are your thoughts on the SEC\u2019s revocation of the registration of LBCC\u2019s securities? You can share your views in the comments section below. <\/strong><\/em><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/the-us-sec-revokes-registration-of-long-blockchain-corps-securities\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Securities and Exchange Commission (SEC) says it has revoked the registered securities of Long Blockchain Corp (LBCC) after the company failed to file annual reports since Dec. 31, 2017. In addition, the SEC says LBCC, which made the switch from soft drink production to activities related to blockchain technology in December 2017, is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":66,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-65","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/65","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=65"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/65\/revisions"}],"predecessor-version":[{"id":67,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/65\/revisions\/67"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/66"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=65"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=65"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=65"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}