ChainCatcher news, according to CoinDesk, a court document released on Monday shows that a U.S. district judge has sided with the SEC in the case against mobile crypto wallet Rivetz for selling unregistered securities.Judge Mark Mastroianni granted the SEC's motion for summary judgment, a decision based on untested evidence.

ChainCatcher News, the U.S. SEC has won a lawsuit against Rivetz Corp and its CEO Steven Sprague related to their ICO. In an order on September 30, Massachusetts Federal Court Judge Mark Mastroianni agreed with the SEC's position that Sprague, through Rivetz, offered Ethereum-based Rivetz (RvT) tokens to the public in the U.S., constituting the sale of unregistered securities.The SEC sued the now-defunct blockchain hardware company and Sprague in September 2021, claiming they sold $18 million worth of Rivetz tokens to over 7,200 investors in 2017, with one-third of the investors located in the U.S. Both the SEC and Sprague did not dispute the key facts of the case, but Sprague (representing himself) claimed that the token was a software product, not an investment contract under the SEC's definition as per the Howey test.However, the judge wrote, "From the first announcement of the ICO to its completion, Rivetz and Sprague made statements to potential purchasers that explicitly linked the value of the RvT tokens to Rivetz's goal of creating a secure ecosystem for mobile devices."