SEC wins case against defunct crypto firm over $18M ICO

A US federal judge found Rivetz and its CEO Steven Sprague sold unregistered securities when it offered an Ethereum-based token in 2017.

The United States Securities and Exchange Commission has scored yet another win against a crypto firm over an initial coin offering (ICO) — winning a judgment in a case against Rivetz Corp and its CEO, Steven Sprague.

In a Sept. 30 order, Massachusetts federal court judge Mark Mastroianni agreed with the SEC that Sprague, through Rivetz, sold unregistered securities by offering the Ethereum-based Rivetz, or RvT, token to US persons.

The regulator sued the defunct blockchain hardware firm and Sprague in September 2021, alleging they sold $18 million worth of Rivetz tokens in 2017 to over 7,200 investors, a third of which were in the US.

A US federal judge found Rivetz and its CEO Steven Sprague sold unregistered securities when it offered an Ethereum-based token in 2017.
The United States Securities and Exchange Commission has scored yet another win against a crypto firm over an initial coin offering (ICO) — winning a judgment in a case against Rivetz Corp and its CEO, Steven Sprague.In a Sept. 30 order, Massachusetts federal court judge Mark Mastroianni agreed with the SEC that Sprague, through Rivetz, sold unregistered securities by offering the Ethereum-based Rivetz, or RvT, token to US persons.The regulator sued the defunct blockchain hardware firm and Sprague in September 2021, alleging they sold $18 million worth of Rivetz tokens in 2017 to over 7,200 investors, a third of which were in the US.Read more