SEC informed the businessman about plans to ask the court to reject the case initiated in 2022, Balin said and explained these actions of the SEC by a change in the priorities of the US authorities, which began to relate to cryptocurrencies more loyal.
“It is obvious that the new US administration advocates cryptocurrency. The times of forced crypto regulation are over. Court costs cost me a lot of money. It is a pity that SEC had not given priority to such matters before, ”said the businessman-yutuber.
In 2022, the regulator accused the SPARKSTER platform of an unregistered ICO of SPRK to $ 30 million. The department accused YouTuber of receiving a bonus of 30% of the SPARKSter for buying tokens by $ 5 million during the ICO. However, Balin did not reveal this information to his subscribers in social networks, SEC said then.
In May of last year, the Texas district found the inflienser guilty of violating laws on securities for the distribution of SPRK tokens, which, according to SEC, were investment contracts. Balina’s defense announced his readiness to appeal. The court with the participation of the jury was appointed for January 2025, but the trial was transferred to a later date.
After Donald Trump entered the post of US President, the financial regulator completed the investigation against Robinhood Crypto, Gemini, Uniswap, Coinbase and Kraken, and stopped the trial for the release and trade of NFT Opensea.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
