Calata cries ‘harassment’ over cease and desist order

BUSINESSMAN Joseph Calata on Tuesday branded the cease and desist order issued by the Securities and Exchange Commission (SEC) against his initial coin offering (ICO) as “harassment”, claiming that the corporate regulator had no jurisdiction to stop the sale of his Krops cryptocurrency.

In a statement, Calata—chairman, president and chief executive officer of recently delisted Calata Corp., said the SEC was not in a position to block the ICO because Black Cell Technology, Inc., which operates the “mykrops.com” website, was registered in Hong Kong, which is beyond the Commission’s jurisdiction.