US SEC wins 'illegal ICO' lawsuit against Opporty

A U.S. District Court has sided with the Securities and Exchange Commission (SEC) in its lawsuit against blockchain company Opporty for illegal ICOs, according to Cointelegraph. “The SEC's allegations that Opporty sold unregistered securities are true. Under the subtest (the test for application of the securities laws), the OPP tokens sold by Opporty constituted 'investment contracts' under the federal securities laws and should have been registered with a regulator.” Opti had previously raised $600,000 from 200 investors in the U.S. and abroad in an ICO between 2017 and 2018.

Meanwhile, Fox Business reporter Eleanor Terrett reports via X that “The SEC is likely to appeal a court ruling in its lawsuit against Ripple (XRP) over ‘secondary market XRP sales,’ according to a former U.S. Securities and Exchange Commission (SEC) attorney. The deadline to appeal the ruling is October 7th.” In July of last year, the U.S. District Court for the District of New York formally ruled that XRP tokens sold on the secondary market are not securities.