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SEC clears Colorado cryptocurrency company after nearly 2-year investigation

The SEC said it does not intend to recommend any enforcement actions against the company.

DENVER — The U.S. Securities and Exchange Commission has concluded its investigation of Castle Rock-based cryptocurrency company Riot Blockchain (Nasdaq: RIOT) and does not intend to recommend any enforcement actions against the company.

“The Board of Directors and Management of Riot are pleased the SEC has concluded its investigation without recommending any enforcement action,” Riot Blockchain said in an SEC filing. “Riot remains focused on the cryptocurrency sector with the goal of creating added shareholder value.”

On April 9, 2018, the company received a subpoena from the SEC requesting “certain information.” The subpoena came after the company experienced erratic swings in its stock price and converted from a medical equipment company, according to previous Denver Business Journal reporting.  

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In October 2017, Riot Blockchain changed its name from Bioptix Inc. With the name change came a change of focus for the company from medical devices to cryptocurrency. Shortly after changing its name to Riot Blockchain, its shares started trading at around $8 and zoomed up to more than $46 by December 2017 and then back to $7.30 in April 2018.  

Read more at the Denver Business Journal.