In October of 2019, Nebulous settled an SEC claim relating to the unregistered May 2014 offer and sale of Sianotes and the June 2015 conversion of Sianotes into Siafunds. As reflected in the settled order, the SEC did not take any enforcement action with respect to the Siacoin token or any current activity on the Sia network, and the order does not require Nebulous to register the Siacoin token as a security with the SEC.