SEC scores win in U.S. District Court against defunct Mass. crypto firm
SPRINGFIELD — A federal court judge is siding with the United States Securities and Exchange Commission in a battle with a cryptocurrency firm located in the Berkshire County town of Richmond.
The SEC won a judgment against Rivetz Corp. and its CEO, Steven Sprague, after suing the defunct company for selling $18 million worth of Rivetz tokens in 2017 to over 7,000 investors.
Representing himself, Sprague claimed the token in that “initial coin offering” was a software product and not an investment contract under the securities-defining Howey test, as the SEC alleged.
