- Ian Balina, a crypto influencer, has introduced a GoFundMe page to give money for his legal defense against the Securities and Exchange Commission (SEC) of the United States.
- The SEC filed a petition against him for accusingly selling securities which aren’t registered in September 2022.
Balina alleges to be battling “in place of the entire crypto community” and challenging what he feels to be “SEC outreach.” he generated $1,192 three days after introduction, with the aim of $25,000.
The Ugandan entrepreneur didn’t continue with his sales role at IBM to publicize crypto entirely in 2017, with content like “How to get Millions by Initial Coin Offerings (ICOsICOs) getting hundreds of thousands of views.
Although, Bolina is currently having to solicit money from backing crypto community members “because of the expensive and extensive process forwards.” Balina, who is presently living in Austin, is now seeking to summon the SEC’s “expansive definition” of security.
The experts from this industry have earlier stated about the SEC – chairman Gary Gensler is a well-known crypto hardliner.
The most hitting part of the SEC’s petition against Balina is likely the regulator’s altercation that every Ethereum transaction over the world comes under its authority. A majority of the network’s proof-of-work (PoW) validator nodes were cumulated in the U.S. discussed the
Commission, the U.S. government, thus has authority for the entire network.
Community members on Twitter
Many of the community members went to Twitter to release their anger at the SEC’s accused outreach. In September, the Ethereum network shifted to proof-of-stake technology. However, Gensler uses an identical argument to attempt and argue for SEC authority over it till now.
In line with Martin Koppelmann, famous crypto exchange Coinbase and liquidity staking pool Lido Finance consecutively justified 42% of post-merge Ethereum validators.
Moreover, the top seven bodies manage over two-thirds of the stake validating transactions, with the mass of the stake being anchored on the cloud services such as Amazon.
Source: https://www.thecoinrepublic.com/2022/10/01/ian-balina-introduces-gofundme-to-handle-sec-case/