SEC, Cryptocurrency influencer Ian Balina lawsuit suddenly withdrawn

SEC withdrawing lawsuits against individuals (Source: Business Insider)

The United States Securities and Exchange Commission (SEC) suddenly withdrew the securities law violation lawsuit it had filed against cryptocurrency influencer Ian Balina. According to Cointelegraph, the SEC submitted a joint agreement with Balina to the federal court in Austin, Texas, stating that dismissal of the case is appropriate.

Ian Balina was charged with violating securities laws in the process of selling tokens SPRK of the cryptocurrency development platform Sparkster. He has a past record of being convicted last year for violating registration requirements during the sale of SPRK to general investors.

Although the clear background of this lawsuit withdrawal has not been disclosed, within the cryptocurrency industry, it is interpreted as a signal that the SEC is partially readjusting its direction of cryptocurrency regulation. Some speculate that it is a strategic move by the SEC to ease the lawsuit burden on sensitive issues, alongside the Senate's stablecoin regulation bill vote.