The court has passed its judgment that the SEC’s motion regarding summary judgment is accepted.
Sprague withstands the fact that the ICO has not involved the sale of securities subject to registration requirements.
The United States Security and Exchange Commission has made a remarkable win against Rivetz Corp. and its Chief executive officer, Steven Sprague. The SEC has claimed that the CEO, Sprague, was selling unregistered securities through Rivertz.
Mark Mastroianni, a federal court judge, has agreed with the statements of the SEC in its order presented on September 30. The action has led the SEC to mark its another win.
Meanwhile, the firm has been sued with the claims that they have already sold $18 million worth of Rivetz tokens in 2017 to more than 7,200 investors. Both parties have never clashed about the material facts of the case.
However, Sprague withstands the fact that the ICO has not involved the sale of securities subject to registration requirements under the Securities Act. Also, he claimed that the token was only a software product and it has no connection to being an investment contract.
However, the court mentioned that the very first official announcement of the ICO by the firm and its CEO has made it clear to its buyers that the Rivetz tokens have the potential to build a great security ecosystem for mobile devices.
The Judgment
After monitoring the case closely the court has passed its judgment that the SEC’s motion regarding summary judgment is passed and the Sprague’s motion for the same has been rejected.
The SEC has the right to exchange its views with Sprague and settle for any monetary relief on or before October 22, 2024. On the other hand, if Sprague finds any issue with the given judgment, he can file an objection on or before November 5, 2024.
A Dig Into Rivetz Corp.
Rivetz Corp., a Delaware corporation was founded by Sprague and his brother in 2013. Sprague became the President, and CEO as well as the largest shareholder of the firm.
On June 1, 2017, Rivetz Corp announced officially that they have plans to do an initial coin offering to fund a token on the blockchain that can be utilized to fuel an authentication on a global level.
Sprague also mentioned that “the ICO can preserve a notable resource for the firm by pre-ordering access to the service.”
On June 29, 2017, the firm issued a white paper mentioning that “Rivetz is making an effort to make a global attestation and identity network boosted by the Rivetz Token.”
Rivetz Token Price Overview
Source: The CoinMarketCap
As per the data from the CoinMarketCap, the price of the Rivetz token is 0.00071756 USD and is up 2.85 in the last 24 hours following the backlash by the SEC as well as the judgment from the court.
Having its operation on the Ethereum platform, the token withstands the current supply of 200,000,000 and has 26,244,468.18 in circulation.
