- Rivetz Lawsuit
- Legal Battles in the Crypto-Verse
- Political Pressure and the Future of Crypto Regulation
The United States Securities and Exchange Commission (US SEC) has reportedly gained a massive win in its legal suit against Rivetz, a mobile crypto wallet provider. This case has supposedly strengthened the edifice of regulations in the crypto arena under the leadership of SEC Chair Gary Gensler.
Rivetz Lawsuit
Sources report that the case began in 2021, holding the company responsible for selling unregistered securities. The case was based on the company’s Initial Coin Offering (ICO) in 2017, which made a reported $18 million. The US SEC stated that Rivetz had gone against Sections 5(a) and 5(c) of the Securities Act of 1933 by holding the ICO without the required registration, promoted by Rivetz’s CEO, Steven Sprague.
Legal Battles in the Crypto-Verse
The US SEC’s triumph in the Rivetz case is one of the several legal battles the body has come across in the crypto industry. The agency, under Gary Gensler, has reportedly taken an austere approach to crypto regulation, focusing on firms and individuals who it believes have acted against securities laws.
Political Pressure and the Future of Crypto Regulation
As the 2024 presidential election comes closer, both Republican and Democratic candidates are focusing on cryptocurrency regulation. With myriads of voters involved in the crypto industry, politicians are driven to gain their support by taking transparent stances on the issue. This political traction has also steered more scrutiny of the US SEC’s actions under Gary Gensler.
As the US SEC carries forward with its legal battles with multiple crypto bodies, the results of these lawsuits will design the future of crypto regulation in the United States. The US SEC’s success in the Rivetz case is a massive step ahead in the overall tensions regarding crypto regulation. As more cases appear, the regulator’s strong standing is expected to shape the ecosystem of the crypto industry in the United States.
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