As SEC looks to be losing their battle v. Coinbase in a stellar fashion. They seemingly picked a new fight, I can only speculate it was done to try and find an easier target to bully into submission. And their target this time, is God. Yeap that one, the almighty creator.
It is not really as propstrus as I made it sound. Well, I guess it depends on who you are. In this case, the SEC is bringing charges against Colorado-based pastor Eligio “Eli” Regalado and his wife, Kaitlyn. They allegedly defrauded millions through the sale of an unregistered crypto token, called INDXcoin. And pray tell, yes pun intended, what is this INDXcoin?
"As a utility coin, INDXcoin offers its holders unique opportunities to learn, grow, and get inspired to grow their wealth and increase their well-being through its Kingdom Wealth Community.
The Kingdom Wealth Community is a member-only community that can only be accessed by individuals who possess INDXcoin.
These resources are accessible solely to INDXcoin holders and include faith-based wellness and generational wealth training along with crypto-related educational content.
This training teaches individuals how finances operate in a faith-based system and provides insights into the Kingdom Wealth Community development, future vision, and mission." -https://indxcoin.com/
Yea unless it is not obvious from reading the info explaining what a Utility coin is, it is a *cough* scam *cough* sorry I got something in my throat. I was going to say that it is a club that you can only be part of it if you own INDXcoin *cough* scam *cough*. I'm sorry, I must be coming down with something.
And just how much have they been able to put into "The Kingdom Wealth Community"? A nice 3.2M, means at least someone's Kingdom is going to be pretty nice. And who did they get to "invest" in their INDXcoin, well of course their members of their online church, Victorious Grace. But selling a shit coin is not illegal now is it, well no sadly not. So pray tell, dam it I did it again so sorry, what is it they have done that's a big no no?
The Regalados claimed that their INDXcoin was backed by a cryptocurrency index. And not their victims, I meant their congregation´s money. Claiming that it was providing the value for their shit coin. And that looks to be their biggest sin, lying. According to the complaint, Eligio Regalado also claimed that “He stated that their investments’ success was guaranteed by God.”. I mean that sounds like a sure thing to me, so I guess take my money...
Dam you, why is the price dropping like a stone after I just bought in???
The biggest hurdle moving forward appears to be whether the SEC can prove that the shit coin is a security or not. And based on the claims they are touting on the website, it might be an easier claim here than in the case v. Coinbase.
I can recommend looking over INDEXcoin´s website if you are looking for some more entertainment. As it is a quite "interesting" read. Also, I would like to hear who you think will win this one the SEC of God? Please sound of in the comment section below.
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