In a notable development, the SEC won a case against a blockchain company riveted on the sale of unregistered securities.
What happened: US District Judge Mark Mastroianni granted the SEC's motion for summary judgment, a decision made without trial, CoinDesk reported Tuesday. The SEC is preparing to consult with Steven Sprague CEO of Rivetz, and present a sentencing proposal for precautionary and monetary measures before October 22.
The SEC's action against Rivetz was initiated in 2021, alleging that the company offered unregistered securities and violated the Securities Act during an $18 million initial coin offering (ICO) in 2017 for the Rivetz token.
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Why is it important: He Gary GenslerThe agency led by has been increasingly attentive to cryptocurrency companies, with many high-profile names including binance, Ripple Labsand Coinbasefacing lawsuits in recent years.
Ripple Labs was fined $125 million in August for violating federal securities laws. The agency imposed record fines of $4.68 billion on cryptocurrency entities in 2024, a huge 3,000% jump from last year.
Influential cryptocurrency advocates have criticized the SEC's approach to regulation, with a billionaire investor Cuban brand taking personal photos against Gensler.
Gensler's leadership has also become an election issue among the cryptocurrency demographic. republican presidential candidate donald trump promised to fire the SEC chairman if he was voted back into power.
Photo: Created with an image from Shutterstock and Third Way Think Tank on Flickr
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