SEC wins partial victory in $600,000 ICO case against blockchain company Opporty

ChainCatcher News, the U.S. Securities and Exchange Commission (SEC) has achieved a partial victory in its case against the blockchain company Opporty and its founder Sergii Grybniak.

The court ruled that Opporty illegally sold unregistered securities during its ICO in 2018, violating U.S. securities laws. The SEC had previously accused the company of fraud through its initial coin offering (ICO), raising approximately $600,000. The judge also determined that Opporty's token "OPP" qualifies as an investment contract and must be registered with the regulatory agency.

However, Opporty argued that its sales fell under exemption provisions, and the judge acknowledged some reasonableness in this defense.