Blockchain network Chia Network (XCH) submitted a draft registration statement on Form S-1 for a proposed initial public offering (IPO)to the U.S. Securities and Exchange Commission, according to an April 14 press statement.

Chia said the size and price range for the proposed offering were yet to be determined. The blockchain network added that the IPO “is expected to commence after the SEC completes its review process.”

In February, CEO Gene Hoffman hinted that the company was working to register with the financial regulator. At the time,  Hoffman said the company planned to register Chia equity with the SEC to make its operation legal.

Hoffman also argued that the blockchain network’s XCH token was not a security because it had not been sold to the public.

Following the news, XCH rose by nearly 9% to $44.253 as of press time, according to CryptoSlate data.

Meanwhile, the Chia network has introduced a clawback feature into its blockchain network.

The feature would allow its users to revert sent XCH and TXCH transactions without impacting the immutability of the blockchain. According to the network, the clawback tool provides the same general functionality and security as traditional banks with transaction reversal tools.

“The clawback tool functions as an intermediate coin that cannot be sent to a destination address until a designated time lock has expired. The timelock offers a buffer window for users to “claw back” and return the intermediate coin to their wallet as standard XCH.”

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