The US Securities and Exchange Commission (SEC) continues its efforts to crack down on unlawful Initial Coin Offerings (ICOs).
This vogue started two years in the past when ICOs have been in full swing and then declined, only to upward shove progressively again in 2020 and 2021.
The SEC costs the CEO of Rivetz with $18 million:
According to an reliable statement, the Securities and Exchange Commission (SEC) has filed prices in opposition to Rivetz Corporation and Rivetz International SEZC as nicely as Rivetz President and CEO Stephen Rivetz International. NS"
According to the Authority's statement, the corporations made an illegal and unregistered offer of securities via an preliminary coin offering.
The complaint additionally stated that between July and September 2017 (when ICOs had been beginning to reap a lot of steam), the defendants provided and sold a digital asset referred to as “RvT” to the public, with the sale along with traders from the United States.
According to the filing, the CEO has marketed "RvT" as an investment opportunity by using merchandising its price to investors.
The venture administration managed to increase the equivalent of $18 million in cryptocurrency.
As for the problem, it is that the offer used to be not registered with the Securities and Exchange Commission, and the project was once not eligible for a license, according to the authority.
The US SEC on the lookout:
Over the past two years, we have considered a massive variety of tasks face expenses for the identical aspect cited above, with many tasks failing to comply with US securities regulations.
It have to be mentioned that in 2020, the US Supreme Court constrained the commission's energy to seek sanctions in opposition to ICOs.
Although some specialists declare that the court's decision is in fact in favor of the SEC, although its powers of cancellation are reduced, but it nonetheless has the proper to impose fines and penalties.
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