On November 16, the Securities and Exchange Commission announced settled charges against two companies that sold digital tokens in initial coin offerings (ICOs). These are the Commission’s first cases imposing civil penalties solely for ICO securities offering registration violations. Both companies have agreed to return funds to harmed investors, register the tokens as securities, file periodic reports with the Commission, and pay penalties. The press release reads that both CarrierEQ Inc. (Airfox) and Paragon Coin Inc...