Crypto investor and YouTube blogger Ian Balina launched a fundraising campaign on the GoFundMe platform to finance a ‘fight against the SEC’.
According to the report, Balina intends to speak on ‘behalf of the entire crypto community’ against regulator abuses. In particular, he cited the regulator’s expanded definition of the term ‘security’.
In three days the blogger had raised $1,192 of the $25,000 target.
In late September the SEC accused Balina of involvement in the unregistered ICO Sparkster. The commission also noted that transactions to the blogger’s Ethereum wallet were processed by nodes located in the United States and, accordingly, were conducted under the regulator’s jurisdiction.
The incident sparked outrage in the crypto community. Cinneamhain Ventures partner Adam Cochran called the SEC’s actions ‘unacceptable’.
2/2
Rather than take on a simple case, the SEC is trying to use this to set precedent claiming that ALL OF CRYPTO is under SEC’s jurisdiction.
This is an absolutely unacceptable overstep that will have to be pushed back against aggressively.
— Adam Cochran (adamscochran.eth) (@adamscochran) September 19, 2022
Balina himself noted that the regulator’s ‘frivolous’ accusation sets a bad precedent for the entire crypto industry.
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.
Turned down settlement so they have to prove themselves. 💯 pic.twitter.com/lVaqnnsLgT
— Ian Balina (@DiaryofaMadeMan) September 19, 2022
Earlier, LBRY CEO Jeremy Kauffman stated that he wished the SEC ‘to harm or destroy the cryptocurrency industry in the United States’.
Prior to that, the Commission was criticised by billionaire Mark Cuban, and Ripple CEO Brad Garlinghouse criticised the regulator for using a coercive approach rather than working on clear rules.
In July, Representative Tom Emmer accused the SEC of ‘unethical conduct’ towards industry participants and called the regulator’s actions ‘absolutely unacceptable’.
Read ForkLog’s bitcoin news in our Telegram — cryptocurrency news, prices and analysis.