Gary Gensler-led SEC Scores Victory Against Crypto Firm Accused of Violating Securities Laws – Coinbase Glb (NASDAQ:COIN)

In a notable development, the SEC has won a case against a blockchain company Rivetz on the sale of unregistered securities.

What happened: US District Judge Mark Mastroianni As CoinDesk reported on Tuesday, it granted the SEC's motion for summary judgment, a decision made without a trial. The SEC is expected to consult with them Steven Sprague, CEO of Rivetz, and file a proposed judgment for an injunction and monetary relief by October 22nd.

The SEC lawsuit against Rivetz was launched in 2021 and accuses the company of offering unregistered securities and violating the Securities Act in an $18 million initial coin offering (ICO) for the Rivetz token in 2017.

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Why it matters: The Gary GenslerThe US government-run agency has become increasingly vigilant against cryptocurrency firms, including many household names Binance, Ripple LabsAnd Coinbasefaced lawsuits in recent years.

Ripple Labs was fined $125 million in August for violations of federal securities laws. The agency imposed a record $4.68 billion in fines on cryptocurrency companies in 2024, a whopping 3,000% increase from the previous year.

Influential cryptocurrency advocates have sharply criticized the SEC's regulatory approach, along with a billionaire investor Mark Cuban I take personal photos of Gensler.

Gensler's leadership has also become a campaign issue among the cryptocurrency demographic. Republican presidential candidate Donald Trump promised to fire the SEC chairman if he was voted back to power.

Photo: Created using an image from Shutterstock and Third Way Think Tank on Flickr

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Disclaimer: This content was created in part with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.