Ian Balina on SEC ICO lawsuit: 'Excited to take this fight public'

Quick Take

  • Crypto promoter and influencer Ian Balina said he welcomes a trial over U.S. Securities and Exchange Commission (SEC) charges for his involvement with crypto startup Sparkster’s ICO.

  • Balina claimed a settlement was turned down in favor of taking the fight public.

On Twitter, crypto influencer Ian Balina expressed enthusiasm over a public legal fight with the U.S. Securities and Exchange Commission.

“Excited to take this fight public. This frivolous SEC charge sets a bad precedent for the entire crypto industry. If investing in a private sale with a discount is a crime, the entire crypto VC space is in trouble,” tweeted Balina, who claimed that he turned down a settlement with the agency “so they have to prove themselves.”

Balina previously called the agency's action unfounded in a series of tweets on September 19, where he stated it “is the first time a private pre-sale purchase of a digital asset token has been accused of being "compensation" in exchange for publicity.” Balina published a full statement on his website.

The SEC on Monday filed charges against Balina over involvement in an initial coin offering for the “no-code” development startup, Sparkster. The U.S. securities regulator is seeking fines and disgorgement of financial gains. 


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About Author

Jeremy Nation is a Senior Reporter at The Block covering the greater blockchain ecosystem. Prior to joining The Block, Jeremy worked as a product content specialist at Bullish and Block.one. He also served as a reporter for ETHNews. Follow him on Twitter @ETH_Nation.