TrendsWide
Contact US
No Result
View All Result
TrendsWide
No Result
View All Result
TrendsWide
No Result
View All Result
Home Economie

The SEC charges RvT token issuer for soliciting $18 million in unregistered offerings

by souhaib
September 10, 2021
in Economie
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT


The US Securities and Exchange Commission (SEC) has charged Rivetz Corp, its president Steven K. Sprague and a subsidiary for obtaining $18 million from 7,200 investors via an unregistered securities offering.

Sprague and his company are accused of devising a plan in 2017 to sell unregistered tokens worth $18 million. The US capital markets watchdog further alleges the president received a bonus of $1 million in addition to a $2.5 million loan, used to buy a house in the Cayman Islands.

The RvT token’s unfulfilled promises


Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

The SEC also points to claims made in the RvT token whitepaper that it would revamp device cybersecurity controls by combining hardware-based identity provided by Trusted Execution Environment (TEE) with the immutable attestation offered by the blockchain. 

The filing also highlights Rivetz’s claim that investors would be able to buy and sell the RvT token in the secondary market as false since the product was inoperational and unregistered at the time of the offering.

The SEC asserts:

Token buyers could not purchase any goods and services using RvT tokens, and the tokens had no other use in any Rivetz product or service. In fact, several months after the tokens were distributed […] Sprague stated on social media that Rivetz did not have a specific release date’ for the Rivetz app through which consumers could use the RvT token.

Investors purchased RvT tokens using ether between July and September 2017, which Sprague and his firm later liquidated through the subsidiary Rivetz International.

The promotional campaign was driven by the promise that Sprague and Rivetz would use the investments to build a new business, thereby boosting the token price. However, this never materialized.

They had also promised that RvT tokens would be listed on digital platforms before revealing where they could be resold, but the defendants never registered any of the offers or sales with the SEC as required, even though they were not exempt from the requirements.

If found guilty, the SEC wants the defendants to return what it terms as “ill-gotten gains” including a pre-judgment interest and a civil penalty. 

How valid is the SEC’s crackdown on blockchain firms?

The SEC has intensified its pursuit of unregistered blockchain projects amid rising cases of cryptocurrency fraud. 

Earlier this month, it charged BitConnect accusing it of running an unregistered security offering that fetched about $2 billion. Other reports also suggest that decentralized exchange platform (DEX), Uniswap is under investigation over its marketing and investors services.

The question shouldn’t be, “is the yield product a security?”

The question is, “Why can’t a reputable company offer a useful service to customers that want it, without getting sued by regulators in the god damned United States of America?”

— Erik Voorhees (@ErikVoorhees) September 9, 2021

Coinbase CEO Brian Armstrong also claims that the SEC has threatened to sue the firm if it proceeds with plans to launch a stablecoin yield product as an asset.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker,

eToro






10/10

67% of retail CFD accounts lose money





Source link

You might also like

‘momentum is continuing into 2022’

Astra Space stock closed down 20% on Monday: here’s why

Ripple, Dogecoin, Litecoin price forecast for February 2022

Share this:

  • Twitter
  • Facebook
  • More
  • Pinterest
  • Telegram
  • Email
Share30Tweet19
Previous Post

NIKE Men’s Dri-FIT Cotton 2.0 Tee

Next Post

Australian spies collaborated with the CIA in Chile for the US intervention against Salvador Allende | International

souhaib

Recommended For You

‘momentum is continuing into 2022’

by souhaib
February 7, 2022
0

Shares of Chegg Inc (NYSE: CHGG) are up 10% in extended trading on Monday after the student services company said it performed better-than-expected in Q4, despite COVID-19 uncertainty....

Read more

Astra Space stock closed down 20% on Monday: here’s why

by souhaib
February 7, 2022
0

Read more

Ripple, Dogecoin, Litecoin price forecast for February 2022

by souhaib
February 7, 2022
0

The cryptocurrency market is advancing this Monday, and this situation also supports the price of Ripple XRP/USD, Dogecoin DOGE/USD, and Litecoin LTC/USD. Bitcoin is trading above the $44,000...

Read more

Analyst: ‘Apple would be forced into it if Amazon goes after Peloton’

by souhaib
February 7, 2022
0

Read more

Should I buy Uber shares in February 2022?

by souhaib
February 7, 2022
0

Uber Technologies, Inc. (NYSE: UBER) will announce fourth-quarter earnings results this Wednesday, February 09, after the market closes. Uber shares have weakened more than 10% since the beginning...

Read more
Next Post

Australian spies collaborated with the CIA in Chile for the US intervention against Salvador Allende | International

No Result
View All Result

Recent Posts

  • Juicing For Your Manhood: 17 Natural ED Eradicating Juice Recipes 90% off Discount
  • How to Make Your Business More Eco-Friendly
  • Lean Belly Breakthrough Reviews 2022
  • American Graffiti actor Bo Hopkins dies aged 80: Passed away in hospital from a heart attack
  • NBA 2022 PlayOffs: Jimmy Butler ‘copies’ LeBron James from a decade ago

Browse by Category

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Categories

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Pages

  • Contact US
  • Newsletter
  • Privacy Policy
  • Terms & Conditions

© 2021 - TrendsWide

No Result
View All Result

© 2021 - TrendsWide

loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.