In what might be a watershed case for Initial Coin Offerings (ICOs), a Philly founder has filed a suit against a Canadian blockchain company, Vanbex, over what it claims is the illegal use of its intellectual property.

Should the ruling be in favor of Philly-based Bryan Doreian, founding partner of El3ven, LLC, it could mark the first time the Security Exchange Commission formally treats an ICO in the context of a securities case. There’s some precedent, though: On Sept. 29, just days after the case was introduced, the SEC struck down a businessman and two companies for peddling fake ICOs.

The story here goes like this: Doreian’s company entered into negotiations with Vanbex about working together on an ICO for its healthcare platform in September 2016. The two parties signed a contract on Oct. 3, 2016 under which Vanbex, based in Vancouver, agreed to develop a technology platform for Elev3n and create and guide Elev3n through an ICO process. Doreian claims the company didn’t deliver on its promise, and that Vanbex hijacked Elev3n materials for use in an ICO of its own, Etherparty.

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