A veri bad day for pathogenic finance.
One of the hard parts in dealing with any new or disruptive technology is separating the small amount of actual wheat from the very large amount of totally inedible chaff. Sometimes the inedibility is clear to anyone with an ounce of common sense and the market (and regulators) just take time to catch up. Take the case of Veritaseum and “pathogenic finance,” about which the SEC just filed a lawsuit in federal court in Brooklyn. (You’ll find some coverage on that one here).
The tl;dr about Veritaseum is that it was (allegedly) an unregistered securities offering that raised more than $10 million in cash and in addition to outright fraud and failing to register, the SEC accuses Veritaseum and its founder Reggie Middleton of price manipulation.