SEC Secures Summary Judgment Against Rivetz in $18 Million ICO Case Amidst Increased Scrutiny of Cryptocurrency Firms

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In a recent legal update, the SEC scored a win against Rivetz, a blockchain firm. The U.S. District Judge Mark Mastroianni granted the SEC’s request for summary judgment. This decision came without a trial, according to CoinDesk.

The SEC plans to meet with Steven Sprague, Rivetz's CEO, to propose a judgment for injunctive and monetary relief by October 22.

This case started back in 2021. The SEC accused Rivetz of selling unregistered securities during an $18 million ICO in 2017 for the Rivetz token.

Why does this matter? The SEC is tightening its grip on cryptocurrency firms. Big names like Binance, Ripple Labs, and Coinbase have faced lawsuits recently. In August, Ripple Labs was fined $125 million for violating federal securities laws.

In fact, the SEC issued record fines of $4.68 billion in 2024. That’s a staggering 3000% increase from the previous year.

Many cryptocurrency advocates criticize the SEC’s approach. Billionaire investor Mark Cuban has openly targeted SEC Chair Gary Gensler.

Gensler's leadership is even becoming a talking point in elections. Republican candidate Donald Trump has promised to fire him if elected.

On another note, Bitwise has registered a filing in Delaware for an XRP ETF. This comes amid the ongoing legal battle between Ripple and the SEC.

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