Sia Network has submitted the SEC an offer of settlement

Nebulous, the company building Sia Network, a decentralized cloud storage platform, announced today that it has entered into a settlement with the U.S. Securities and Exchange Commission (SEC).

The settlement relates to SEC allegation that Nebulous conducted an unregistered offer and sale of Sianotes in May 2014 which gives holders a percentage of revenue from Sia Network transactions.

Nebulous raised a total of $120,000 from Sianotes token sale. Later the tokens were converted to Siafunds upon the launch of the network in 2015.

Without admitting to or denying the SEC’s allegations, Nebulous agreed to a settlement and will pay a total of $225,000. With this settlement, now Nebulous does not require to register the Siacoin token as a security with the SEC.