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SEC Beats Crypto Influencer Over Unregistered Token Sales (1)
Crypto influencer Ian Balina violated US securities law by selling and offering to sell the SPRK token to investors, a federal judge has ruled, finding the token to be an unregistered security.
Balina, CEO of the Austin, Texas-based company Token Metrics, said he was outside the United States when he allegedly promoted and sold the tokens. He argued that the Securities and Exchange Commission was trying to extend its jurisdiction overseas.
But U.S. securities laws apply because Balina targeted U.S. investors and some buyers were in the country, said Judge David Ezra of the U.S. District Court for the Western District of Texas…