Wow…read what happened to HUMBL…Good move NSAV for delaying CEX in August…(ABSOLUTELY SMART)!
$NSAV 100% agree. NSAV dodged a massive bullet by delaying their CEX that has now unfortunately struck $HMBL. Way to go @NSAVTech for thinking ahead.
Oh boy….. ??????. Innovation check by the SEC. It was a good call that #NSAV halted their release of their CEX last august because of this same regulatory issues. We took that massive hit in SP and investors were pissed including myself but now I see it was the best move ever.
What happened to $HBML ?
1. After additional dialogue with the SEC surrounding our S-1 filing, we have decided to take down our BLOCK ETX products.
2. At HUMBL, we are one of the first public companies in blockchain to issue these kinds of products and sometimes our push for innovation will outpace regulation in terms of guidelines.
3. We do not believe that our non-custodial, algorithmically driven, software-as-a-service BLOCK ETX subscription products are securities, nor that the underlying digital assets are securities.
4. If you are a HUMBL Financial customer, no action is required of you. We will automatically cancel your subscription by 5:00 p.m. EST on February 18, 2022. We will also refund your monthly subscription fee for January and February 2022.
5. Because we were never in custody of your digital assets, they remain in your digital exchange account and will not be affected by the cancellation of your subscription.
6. While a majority of IP around digital assets is being developed here in the US, an estimated 95% of trading volume remains overseas. We hope to bring some of that business and liquidity home, as we work with regulatory partners to develop a compliant future for blockchain.
7. The HUMBL Financial team is already hard at work on new blockchain-based product lines that have greater levels of potential licensing, regulatory clarity and application. Thank you, as always for your support in these endeavors. #HUMBL
8. Lastly, HUMBL has contractual obligations to get the S-1 approved, and it is important that we make it as simple as possible for the SEC to do so at this time.
