In what should be an interesting beginning to the coming avalanche of ICO failures, the SEC has come down hard on Munchee, a company that built a $15 million token sale. The SEC chairman recently noted that coin offerings are, in fact, securities and that pre- sale participants must be registered with the SEC. The Munchee ICO aimed to fund the MUN coin, a payment system for restaurant reviews. The company received a cease and desist from the SEC on December 11. Within the SECs findings they noted that Munchee touted itself as a “utility” token which means that the company believed the MUN token would be primarily used within the Munchee ecosystem and not be used to fund operations.
Read more via www.quicktechk.com.ng/2017/12/sec-shuts-down-munchee-ico.html?m=1

Okay.