AllSportsMarket Responds to SEC Complaint

Financial innovation isn’t a straight line

/EIN News/ -- PASADENA, Calif., Aug. 22, 2019 (GLOBE NEWSWIRE) -- On Monday August 19, 2019, the United States Securities and Exchange Commission (SEC) filed a civil action in Federal Court in the District of Columbia against Crystal World Holdings, Inc., The New Sports Economy Institute, a 501(c)(3) non-profit, and Christopher Paul Rabalais personally. The complaint basically claims that the non-profit entity (formed in 2011) was a vehicle for illegal unregistered stock sales in Crystal World Holdings, Inc. (formed in 2014) to no useful purpose other than enrichment of the founder and that our overall claims were untrue.

Our June 7, 2019 Wells response, which recaps our story from the beginning, is posted here as our official position: https://www.thenewsportseconomy.com/2019/08/20/in-the-matter-of-crystal-world-holdings-inc-ho-13397/.

Last week, the first letter of intent was sent by a U.S. sports league directly to the SEC petitioning to raise seven figures on our platform. We also received the commitment of a major college to help promote the platform and educational curriculum. AllSportsMarket is a creating an asset class around sports and a financial learning tool.

Since the first market in 2004, the team at AllSportsMarket has sought out legal certainty, straining every resource. The laws regarding capital formation in the United States are extremely complex and ever-changing. Confirming this, the SEC has a comment release out from July on exactly this topic: https://www.sec.gov/news/press-release/2019-97

“We intend to work out this matter to a successful settlement and avoid the costs and risks of trial for both parties,” says Chris Rabalais.

About AllSportsMarket

AllSportsMarket ("ASM") is an experimental exchange where investors can buy and sell sports teams, just like traditional stocks, and earn dividends when their teams win or appreciate in value. The ASM exchange is operated by The New Sports Economy Institute ("NSEI"), a 501(c)(3) non-profit, tax exempt organization registered in California and approved by the Internal Revenue Service.

We will continue to collaborate with the SEC, and other regulatory agencies as needed, through a continuous and transparent dialogue to determine how ASM's sports stocks and the concept of sports investing should ultimately be regulated. 

Media Contacts:
Keira Rodriguez
Senior Media Strategist
TallGrass Public Relations
keira.rodriguez@tallgrasspr.com
914.830.3241

Jason Henry
AllSportsMarket Media Relations
jason@AllSportsMarket.com
(705) 772-7066