One Crypto Twitter user described the SEC's argument as a 'supermassive black hole sized bad take' 🤭
The SEC has claimed that the U.S. has jurisdiction for all activity that takes place on the Ethereum blockchain.
All of this relates to a project called Sparkster, which raised $30 million from 4,000 investors by selling SPRK tokens. The funds were designed to "further develop Sparkster's 'no-code' software platform." Balina allegedly purchased $5 million worth of SPRK tokens and promoted these altcoins on YouTube, Telegram and other social networks between May and July 2018.
"Balina also allegedly organized an investing pool of at least 50 individuals to whom he offered and sold SPRK tokens, despite not registering the offering with the SEC as required by federal securities laws and despite the lack of an applicable exemption from registration.""The U.S.-based investors in Balina’s pool irrevocably committed to the transaction when, from within the United States, they sent their ETH contributions to Balina’s pool.
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