Thursday, October 3, 2024 – The US district judge handed a partial win to the United States Securities and Exchange Commission (SEC) in the case against Opporty International and its founder, Sergii Grybniak.
Opporty’s digital coin, the OPP token had been offered irrespective of the security laws imposed on the cryptocurrency under the Howey Test which followed the SEC to file a case against Opporty.
Opporty’s initial coin offering was conducted between September 2017 and October 2018 securing $600 000 from US and abroad investors.
The US district judge declared that SEC had sufficiently proved the initial coin offering (ICO) of Opporty was illegal.
Opporty declared its initial coin offering as “100% SEC compliant,” which the SEC charged as falsified claim and illegal.
Grybniak’s argument directed at SEC’s guidance on crypto offerings and claimed that they are “vague and arbitrary.”
Since the OPP tokens are investment contracts under federal securities laws, the judge declared the requirement of registering them with the regulator.
