When the SEC filed a federal lawsuit Monday against crypto influencer Ian Balina for his failure to register a cryptocurrency as a security before launching a 2018 initial coin offering (ICO), everything at first appeared run-of-the-mill: the SEC has, for years, filed civil suits against individuals and organizations for rolling out unregistered ICOs.
Eagle-eyed observers then read a little further into the fine print.
In a bold and potentially unprecedented move buried in the lawsuit’s 69th paragraph, the SEC today claimed it had the right to sue Balina not only because his case concerns transactions made in the United States, but also because, essentially, the entire Ethereum network falls under the US government’s purview.
There it is
The supermassive black hole sized bad take at the heart of the Balina filing
h/t @LordBogdanoff https://t.co/ZopOGQchU4 pic.twitter.com/ucn5sZkK5b
— laurence (new york variant) (@functi0nZer0) September 19, 2022
In its complaint, the regulator noted...
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