Crypto YouTuber Cleared of Lawsuit, SEC Said to Halt 2018 ICO Cases!

Jakarta, Pintu News – The United States Securities and Exchange Commission (SEC) is rumored to be dropping a lawsuit against crypto YouTuber Ian Balina, related to promoting Sparkster (SPRK) tokens in 2018.

Balina, also the CEO of Token Metrics, claims that this decision was taken due to changes in crypto regulatory policies under President Donald Trump’s administration.

Since Trump appointed Mark Uyeda as SEC Chairman, replacing Gary Gensler, the agency has increasingly taken a pro-crypto stance, including dropping various legal cases against other major cryptocurrency companies.

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SEC drops lawsuit, Ian Balina escapes ICO 2018 charges?

In 2022, the SEC filed a lawsuit against Ian Balina, accusing him of offering and promoting unregistered crypto securities through Sparkster tokens (SPRK).

According to the SEC, Balina received a 30% bonus from purchasing 81.7 billion IDR ($5 million) tokens in the initial coin offering (ICO) but did not disclose the incentive to his social media followers.

In May 2024, the court ruled that SPRK was a security under the jurisdiction of the SEC. Balina’s legal team plans to appeal, and the trial is initially scheduled for January 2025.

However, the court later agreed to postpone the case until July 2024, with no further clarity on the exact trial date. To date, no official documents have been filed with the court regarding the withdrawal of the case.

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Trump changes course on crypto regulation, SEC loosens investigations?

According to Cointelegraph, since Donald Trump officially took office on January 20, 2025, the regulator’s policy towards the crypto industry has undergone major changes.

The SEC is gradually stopping investigations against major crypto companies, including Robinhood Crypto, Gemini, Uniswap, and OpenSea. In fact, even bigger cases such as the suits against Coinbase, Consensys, and Kraken were also stopped completely.

However, the SEC still has an ongoing case against Ripple Labs , which is still under appeal after an August 2024 court decision that imposed a Rp2.04 trillion ($125 million) fine against the company.

This change in the SEC’s stance has led to speculation that the Trump administration is more favorable to the crypto industry, in contrast to the strict approach adopted during Gary Gensler’s tenure.

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Crypto Summit at the White House, Political Influence Behind the SEC Decision?

On March 7, 2025, the White House held a Crypto Summit, to which Trump invited various crypto industry leaders. Representatives from Robinhood, Gemini, Coinbase, and Kraken attended, which had previously faced regulatory pressure from the SEC.

Many suspect that the crypto industry now has greater political influence, especially after several crypto companies were said to have contributed funds to Trump’s campaign in the 2024 election.

Some critics allege that the SEC’s decision to halt investigations is not just a matter of policy change, but also due to political and financial interests involving the new administration.

Despite these controversies, the crypto community sees this development as a great opportunity for industry growth, especially with regulations being more relaxed than before.

Conclusion

The Ian Balina case shows how a change in leadership can majorly impact crypto regulatory policy. With a more pro-crypto Trump administration, the SEC began to loosen its harsh approach to the industry, including by halting several major investigations.

However, there is much speculation behind this decision about political influence and business interests in the crypto industry. Will this move usher in a new era for cryptocurrency growth, or will it create a loophole for regulatory abuse?

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Reference

• Cointelegraph. YouTuber says SEC will recommend dropping lawsuit over 2018 token ICO. Accessed March 13, 2025
• Featured Image: The Block