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The U.S. Securities and Exchange Commission (SEC) has brought enforcement actions against Hydrogen Technology Corp., a fintech company, and its former CEO, Michael Ross Kane. The SEC alleges that the company unlawfully manipulated 'crypto asset securities' by offering unregistered sales and offers of the HYDRO token. Hydrogen Technology Corp. is accused of overseeing a scheme that manipulated the trade volume and price of the token, resulting in profits of over $2.2 million. Moonwalkers Trading Limited CEO, Tyler Ostern, is also implicated in the alleged scheme. The SEC claims that Hydrogen hired Moonwalkers Trading to create a false impression of strong market activity, enabling them to sell the token at an inflated price. The complaint includes communications between Ostern and Kane that suggest Moonwalkers Trading attempted to manipulate the token's price. Experts in the crypto industry have criticized the SEC's actions, stating that tokens issued through airdrops should not be treated as securities. However, the SEC argues that Hydrogen's bounty program constitutes a security investment contract. The SEC filed its complaint in U.S. District Court in Manhattan, seeking penalties, disgorgement of ill-gotten gains, and injunctions against Kane. Ostern has agreed to a fine and other penalties without admitting any wrongdoing.