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SEC Charges Rivetz 2017 ICO With a Failure to Register

Amy Liu

Summary: On September 8, the Securities and Exchange Commission announced a suit against blockchain identity project Rivetz and founder Steven Sprague over the firm's 2017 initial coin offering for RvT tokens.  Per the SEC's complaint, between July and September 2017, Rivetz allegedly sold $18 million worth of RvT via a Cayman Islands affiliate in what was ...

On September 8, the Securities and Exchange Commission announced a suit against blockchain identity project Rivetz and founder Steven Sprague over the firm's 2017 initial coin offering for RvT tokens. 

Per the SEC's complaint, between July and September 2017, Rivetz allegedly sold $18 million worth of RvT via a Cayman Islands affiliate in what was an attempt to obtain capital for the project. Sprague and Rivetz advertised the sale to investors as an investment opportunity. The firm never filed as a securities issuer with the SEC, per the agency's Wednesday statement.

By Amy Liu

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