Speaking to Cointelegraph on March 11, Balina said the SEC had informed him it planned to recommend the court dismiss a case filed in 2022 alleging “unregistered offering and promotion in 2018 of crypto asset securities called SPRK Tokens.” According to the crypto YouTuber, the SEC’s actions were based on the change in the administration’s priorities — referring to US President Donald Trump appointing acting SEC Chair Mark Uyeda after the departure of Gary Gensler in January.“Obviously, the new administration is pro-crypto,” said Balina, claiming that the “time has ended” for crypto regulation through enforcement.
At the time of publication, no filing appeared on the docket in the US District Court for the Western District of Texas requesting to dismiss the case. In response to an inquiry from Cointelegraph, the SEC declined to comment on the case.“It definitely was not cheap, cost a lot of money in terms of legal fees, which definitely sucks,” said Balina.“Makes me wish the SEC hadn’t put priority on all this.”About-face from SEC on crypto enforcement after Gensler’s departureIf confirmed by the SEC, petitioning to drop Balina’s case would be the commission’s latest action favoring crypto companies facing similar lawsuits.
Source: Ian BalinaThe SEC complaint against Balina, filed in September 2022, alleged the YouTuber agreed to receive a 30% bonus from Sparkster on the $5 million worth of tokens he purchased in the initial coin offering (ICO) — but did not disclose this information to his social media followers.
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Author / Journalist: Cointelegraph by Turner Wright
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