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SEC Drops Case Against Crypto Influencer Ian Balina Over SPRK Token Sale
SEC Drops Case Against Crypto Influencer Ian Balina Over SPRK Token Sale
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The U.S. Securities and Exchange Commission has moved to dismiss its lawsuit against Ian Balina, a prominent cryptocurrency influencer. The case, filed in September 2022, accused Balina of promoting and selling unregistered securities through the SPRK token initial coin offering.
Balina’s alleged violations centered on his role in the 2018 SPRK token sale, which the SEC claimed met the criteria of a security under the Howey Test. The dismissal marks another notable development in the regulator’s evolving approach to crypto enforcement actions.
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