The Securities and Exchange Commission (SEC) has fined the Rivetz crypto project more than $18 million
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Answer The Securities and Exchange Commission (SEC) has fined the Rivetz crypto project more than $18 million
The US Securities and Exchange Commission (SEC) continues its efforts to crack down on illegal Initial Coin Offerings (ICOs).
This trend started two years ago when ICOs were in full swing and then declined, only to rise steadily again in 2020 and 2021.
The SEC charges the CEO of Rivetz with $18 million:
According for an official statementThe Securities and Exchange Commission (SEC) has indicted Rivetz Corporation and Rivetz International SEZC, as well as Rivetz President and Rivetz International CEO Stephen. K”
According to the Authority’s statement, the companies made an illegal and unregistered offer of securities through an initial coin offering.
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The complaint also said that between July and September 2017 (when ICOs were starting to gain a lot of steam), the defendants offered and sold a digital asset called “RvT” to the public, with the sale including investors from the United States.
According to the filing, the CEO has marketed “RvT” as an investment opportunity by promoting its value to investors.
The project management managed to raise the equivalent of $18 million in cryptocurrency.
As for the problem, it is that the offer was not registered with the Securities and Exchange Commission, and the project was not eligible for a license, according to the authority.
The US SEC on the lookout:
Over the past two years, we’ve seen a large number of projects face charges for the same thing mentioned above, with many projects failing to comply with US securities regulations.
It should be noted that in 2020, the US Supreme Court restricted the commission’s power to seek sanctions against ICOs.
Although some experts claim that the court’s decision is in fact in favor of the SEC, although its powers of cancellation are reduced, but it still has the right to impose fines and penalties.
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