During 2020, when Jay Clayton was the Chair of the SEC, BitClave was sued by the SEC for allegedly violating federal securities laws with the sale of its Consumer Activity Token (CAT). BitClave settled the charges without admitting any wrongdoing and agreed to forfeit all the money it had raised in 2017, in addition to paying $4 million in interest and penalties. As part of the settlement agreement, BitClave also agreed to destroy any uncirculated CAT tokens and requested that exchanges remove it from their listings.
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