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SEC Wins Case Against Crypto Wallet's $18M Unregistered ICO

Mobile crypto wallet provider Rivetz had raised $18M in a 2017 coin offering.
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Oct 1, 2024 • 1 min read

The SEC has won a key ruling in its case against Rivetz, a mobile crypto wallet provider, over the sale of unregistered securities.

What's the Scoop?

  • Proposed Judgment: The SEC will work with Rivetz CEO Steven Sprague to file a proposed judgment for injunctive and monetary relief by October 22.
  • ICO Allegations: The SEC alleged that Rivetz raised $18M in an unregistered initial coin offering (ICO) in 2017, violating securities laws.
  • Sprague's Role: The SEC highlighted that Sprague personally promoted the ICO in the U.S. without filing a registration statement.

Bankless Take:

This Rivetz ruling implies that ICO-era projects — even seven years later — are still very much under the SEC's watchful eye. All in all, taken in stride with the FTX era cases as well, these cases continue to impress that the SEC is years behind in processing “offensives” of the industry and that there will continue to be a sizable lag in charges leveled against projects for some time.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

Published in Bankless

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