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YouTuber says SEC will recommend dropping lawsuit over 2018 token ICO

March 11, 2025Updated:March 12, 2025No Comments3 Mins Read
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YouTuber says SEC will recommend dropping lawsuit over 2018 token ICO
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Replace (March 11 at 9:59 pm UTC): This text has been up to date to incorporate a response from the SEC.

Ian Balina, the CEO of Token Metrics and a YouTuber with greater than 100,000 subscribers, stated the US Securities and Alternate Fee will cease pursuing him in court docket over allegations he violated securities legal guidelines by selling Sparkster (SPRK) tokens in 2018.

Talking to Cointelegraph on March 11, Balina stated the SEC had knowledgeable him it deliberate to advocate the court docket dismiss a case filed in 2022 alleging “unregistered providing and promotion in 2018 of crypto asset securities known as SPRK Tokens.”

In response to the crypto YouTuber, the SEC’s actions have been based mostly on the change within the administration’s priorities — referring to US President Donald Trump appointing appearing SEC Chair Mark Uyeda after the departure of Gary Gensler in January.

“Clearly, the brand new administration is pro-crypto,” stated Balina, claiming that the “time has ended” for crypto regulation via enforcement.

YouTuber says SEC will recommend dropping lawsuit over 2018 token ICO

Balina talking about Sparkster on YouTube in 2018. Supply: Ian Balina

The SEC criticism towards Balina, filed in September 2022, alleged the YouTuber agreed to obtain a 30% bonus from Sparkster on the $5 million value of tokens he bought within the preliminary coin providing (ICO) — however didn’t disclose this data to his social media followers. In one of many final important court docket rulings, a decide stated in Could 2024 that “SPRK tokens qualify as securities” beneath the SEC’s purview.

On the time of the 2024 resolution, Balina’s authorized group stated it deliberate to enchantment. The decide initially set a January 2025 jury trial date however permitted a July 2024 movement for a continuance and agreed to schedule the proceedings at a later date. On the time of publication, no submitting appeared on the docket within the US District Courtroom for the Western District of Texas requesting to dismiss the case. In response to an inquiry from Cointelegraph, the SEC declined to touch upon the case.

“It undoubtedly was not low-cost, value some huge cash by way of authorized charges, which undoubtedly sucks,” stated Balina. “Makes me want the SEC hadn’t put precedence on all this.”