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SEC Suspends Trading of American Security Resources Corp.




Securities trading by American Security Resources Corp. will be temporarily restricted by the US Securities & Exchange Commission due to concerns about blockchain technology.

On August 24, 2017, the US Securities & Exchange Commission (SEC) announced it would temporarily halt trading of the securities of American Security Resources Corp. (ARSC), a Canadian clean energy and hydrogen fuel cell development corporation, effective August 25 through September 8, 2017, pursuant to section 12(k) of the Securities Act of 1934 (the “Exchange Act”), which authorizes the commission to temporarily suspend trading of securities.

ARSC had released press documents to on August 1 and August 8, 2017, which, according to the SEC, called to question aspects of the company's business dealings, particularly with regard to "a transition to the cryptocurrency markets and early adoption of blockchain technology." The SEC also cautioned broker-dealers, shareholders, and prospective purchasers to give careful consideration concerning information issued by ARSC.

The SEC also provided information pursuant to Rule 15c2-11 under the Exchange Act:

"at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule. If any broker or dealer has any questions as to whether or not he has complied with the rule he should not enter any quotation but immediately contact the staff in the Division of Trading and Markets, Office of Interpretation and Guidance, at (202) 551-5777. If any broker or dealer is uncertain as to what is required by Rule 15c2-11, he should refrain from entering quotations relating to ARSC’s securities until such time as he has familiarized himself with the rule and is certain that all of its provisions have been met. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action."

Broker-dealers, or others with information relating to this matter, are invited to contact Michael Paley, Assistant Regional Director, New York Regional Office,  at (212) 336-0145, Sandeep Satwalekar, Assistant Regional Director, New York Regional Office, at (212) 336-0161, or Tracy Sivitz, Senior Counsel, New York Regional Office, at (212) 336-0029.

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine.

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