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Second lawsuit filed against Tezos blockchain project

Illustration: Greg Ruben / Axios

Tezos, a blockchain-based project, has been hit with a second class-action lawsuit in less than three weeks alleging its initial coin offering (ICO) from July violated SEC regulations because it sold unregistered securities, according to Coindesk.

Why it matters: Despite the boom in blockchain and cryptocurrency projects, it was only a matter of time before disputes and legal troubles emerged in the nascent industry. In July, the U.S. Securities and Exchange Commission warned that some ICOs may be subject to its securities laws.

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