The Securities and Exchange Commission (SEC) has announced a preliminary injunction granted against Blockvest LLC for unlicensed security offer. This overturns a previous court order, claiming that the SEC failed to prove that the token was a security.
Another Day, Another Court Case
In June last year, the SEC decreed pretty much every cryptocurrency other than Bitcoin and Ethereum to be a security. Since then, it has ramped up its ICO litigation, in what, at times, seemed like some kind of personal vendetta.
Blockvest LLC and founder, Reginald Buddy Ringgold III (aka Rasool Abdul Rahim El), initially seem like any other unfortunate target. The SEC filed an emergency court order in October 2018, suspending the ICO, and halting all pre-ICO activities.
The allegation was that Blockvest were raising funds for financial products…