The Securities and Exchange Commission (SEC) has filed charges against cryptocurrency promoter Ian Balina for violating federal securities law.
Ian Balina, a former data analyst at IBM and now a famous cryptocurrency proponent, called the SEC’s accusation against him fanciful. In this regard, the entrepreneur adds via a message published on Twitter:
I can’t wait to make this fight public. This fanciful accusation from the SEC sets a bad precedent for the entire crypto industry.
The SEC filed charges on Monday, September 19 against the cryptocurrency promoter for violating federal securities law.
According to the complaint report, Ian Balina promoted unregistered titles in 2018 with his interventions about SPRK tokens, and this without stating that he had obtained payment in exchange for this. promotion.
Moreover, the SEC also accused him of failing to file a registration statement after forming an investment group on the Telegram network. Group which has also been used to resell a certain part of its SPRK tokens.
To which Balina replies:
If investing in a private sale at a discount is a crime, then the entire VC-related crypto space is in trouble.
Balina has been a recognized crypto promoter within the crypto ecosystem since the wave of ICOs in 2017 and 2018, which he reported extensively on his Youtube channel which quickly gained a solid reputation.
In addition, Ian Balina is also famous due to the fact that he lost the equivalent of $2 million in crypto assets due to a hack during one of these live broadcasts. For the anecdote, one of his viewers had alerted him about the hack in progress, but he had first believed in a prank before realizing that the threat was very real.
Several individuals in the crypto ecosystem expressed surprise when they found out that the SEC decided to go after someone for a case that dates back to 2018, an eternity in the cryptocurrency space. But some think on the contrary that it was bound to happen eventually.
The SEC wants to recover the profits that Ian Balina has generated thanks to these promotions and on top of that wants to impose civil penalties on him in the form of fines. For its part, the promoter revealed that it had refused any form of agreement with the regulator.