Crypto investor and YouTube blogger Ian Balina has launched a donation campaign on the GoFundMe platform to finance the “fight” with the SEC.
According to the report, Balina plans to “represent the entire cryptocurrency community” against regulatory abuse. Specifically, he credits the latter with an expanded definition of the word “security.”
In three days, the blogger raised $1,192 with a goal of $25,000.
YouTube blogger Ian Balina
In late September, the SEC charged Balina with participating in the unregistered ICO Sparkster. The committee also noted that the blogger’s Ethereum wallet transactions were processed by nodes in the United States and therefore fall within the purview of the regulator.
The incident enraged the cryptocurrency community. Cinneamhain Ventures partner Adam Cochran called the SEC’s actions “unacceptable”.
Crypto Hardware Wallet for Bitcoin
Adam Cochran called the SEC’s actions “unacceptable”
1/2— Adam Cochran (adamscochran.eth) (@adamscochran) September 19, 2022
Wow, the SEC had an easy potential win here that none of crypto would of complained about. Going after a token pumper for promoting to US customers.
Instead, they shoe horned in an argument that all ETH transactions are "in the US" because of higher node density there. https://t.co/7xW0MxLNc3
Ballina himself noted that the commission’s “crazy claims” set a bad precedent for the entire cryptocurrency industry.
Excited to take this fight public.— Ian Balina (@DiaryofaMadeMan) September 19, 2022
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
Recall that in September, LBRY CEO Jeremy Kaufman said that the SEC wants to “disrupt or destroy the cryptocurrency industry in the United States.”
The move comes after the SEC was criticized by billionaire Mark Cuban, Ripple CEO Brad Garlinghouse accused the agency of using coercive methods instead of clear rules.
In July, House of Representatives member Tom Emmer accused the SEC of “unethical treatment” of industry players and called the regulator’s actions “totally unacceptable.”