No small-fry ICOs spared: SEC sues Opporty, says bounty program was an investment of money
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Quick Take
- New SEC lawsuit against ICO issuer Opporty, which did a $600,000 token sale
- Issuer used SAFT and filed Form D with SEC, but allegedly failed to confirm accredited status and misrepresented scope and utility of platform to investors
- SEC also says that bounty program — which gave users tokens for helping publicize platform — was also investment of money for securities law purposes.
If court filings are any indication, the SEC seems to be just as likely to go after a couple hundred thousand dollar token sale as a billion-dollar ones. Thus, in the midst of its well-publicized tangling with Telegram and Kik, in the past week we saw a new lawsuit filed by the SEC in connection […]
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