Ian Balina, a crypto influencer, has established a GoFundMe account in order to pay for his legal defence against the U.S. Securities and Exchange Commission (SEC), which recently filed a suit against him for allegedly selling unregistered securities. In his view, Balina is fighting on behalf of the entire crypto community, challenging what he perceives to be ‘SEC overreach.’
He has raised $1,192 since launching the campaign three days ago, with a goal of $25,000. On the other hand, he left IBM's sales job to promote crypto full-time in 2017 in order to promote cryptocurrency content such as ‘How to Make Millions with Initial Coin Offerings (ICOs).’
Balina, who currently lives in Austin, is seeking funding from crypto community members who are sympathetic to his cause. The SEC's 'expansive definition of a security' is what Balina is now seeking to challenge. Industry observers have long been critical of the commission's approach to cryptocurrencies. Chairman Gary Gensler is a well-known crypto sceptic.
According to the SEC’s complaint against Balina, every Ethereum transaction in the world is subject to its jurisdiction.
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