# SEC Wins Case Against Crypto Wallet's $18M Unregistered ICO

*Author: David Christopher*
*Published: Oct 1, 2024*
*Source: https://www.bankless.com/rivetz-sec-settlement-ico*

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The SEC has won a key ruling in its case against Rivetz, a mobile crypto wallet provider, over the sale of unregistered securities.

## What's the Scoop?
- **Proposed Judgment: **The SEC will work with Rivetz CEO Steven Sprague to file a proposed judgment for injunctive and monetary relief by October 22.
- **ICO Allegations: **The SEC [alleged that Rivetz](https://www.coindesk.com/policy/2024/10/01/us-judge-sides-with-sec-in-case-against-crypto-wallet-rivetz-over-sale-of-unregistered-securities/) raised $18M in an unregistered initial coin offering (ICO) in 2017, violating securities laws.
- **Sprague's Role: **The SEC highlighted that Sprague personally promoted the ICO in the U.S. without filing a registration statement.

## Bankless Take:
This Rivetz ruling implies that ICO-era projects — even seven years later — are still very much under the SEC's watchful eye. All in all, taken in stride with the [FTX era cases as well](https://www.bankless.com/sec-charges-galois-capital-in-latest-regulatory-aggression), these cases continue to impress that the SEC is years behind in processing “offensives” of the industry and that there will continue to be a sizable lag in charges leveled against projects for some time.
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