SEC Withdraws Lawsuit Against Ian Balina
The U.S. Securities and Exchange Commission (SEC) has withdrawn another lawsuit related to cryptocurrency, this time concerning allegations of selling unregistered securities to cryptocurrency investors and YouTuber Ian Balina. On May 1, in a joint agreement with Balina in federal court in Austin, the SEC stated that 'withdrawing the lawsuit is appropriate' considering the work of its Crypto Task Force.
Although not providing specific reasons, the SEC stated that this withdrawal 'does not necessarily reflect the Commission's views on other cases.' Balina previously announced that the SEC had requested the court to withdraw the lawsuit, asserting that the agency's action was based on a change in priorities.
SEC's Strategic Shift
This change reflects a significant shift in the SEC's policy under the Donald Trump administration, which appointed former cryptocurrency lobbyist Paul Atkins as chairman. The agreement to withdraw the lawsuit aims to preserve resources for the court 'without imposing costs on the parties.'
Balina, CEO of Token Metrics, was previously accused of promoting a cryptocurrency project in violation of regulations, particularly during the ICO boom in 2017. The SEC sued him in 2022, alleging that he organized an unregistered securities offering with Sparkster (SPRK) through an investment group on Telegram.
Consequences of the Decision
The court had previously supported the SEC, concluding that SPRK is an investment contract under U.S. securities law. However, this decision to withdraw the lawsuit is part of a series of moves by the SEC to extinguish cases related to cryptocurrency. Last month, the SEC stopped investigations into several cryptocurrency companies, such as Coinbase, Ripple, Kraken, and even PayPal's stablecoin.
This withdrawal indicates a policy trend supporting cryptocurrency within the government, while also adjusting oversight and law enforcement related to it.
Source: https://tintucbitcoin.com/sec-bo-vu-ian-balina-tin-hieu-tot-cho-tien-dien-tu/
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