Connecticut jury finds crypto-related products are not securities
Once again, the question of whether digital assets constitute securities is under question. A Connecticut Jury has found that digital assets linked to cryptocurrencies are not securities in what a defense lawyer called a world-first verdict. GAW Miners investor Stuart Fraser was cleared of liability in a fraudulent operation co-opted by ZenMiner LLC on Nov. 1. "It's the first case that we know of where a jury addressed whether cryptocurrency products were securities," one of the defendant’s representatives, Daniel Weiner from Hughes Hubbard & Reed LLP, told Law360. The case against GAW....
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The United States Securities and Exchange Commission (SEC) has today charged Homero Josh Garza, founder of GAW Miners and ZenMiner with securities fraud and conducting a Ponzi scheme. According to a press release by the SEC, Garza is alleged by the SEC to carry out the fraud through his two Connecticut-based companies GAW Miners and ZenMiner by falsely claiming to produce bitcoin hashing power that GAW did not own. The complaint was filed in the U. S. District Court for the District of Connecticut today. An excerpt from the SEC charge read: In reality, GAW Miners and ZenMiner did not own....
The legal counsel representing Sam Bankman-Fried (SBF), the former boss of the now-defunct FTX exchange, has raised some questions about the government’s proposed queries during jury selection. The FTX co-founder faces a six-week trial, which will commence with a jury selection process on October 3, 2023. The prosecutors and the defense counsel submitted their questions […]
Jury nullification is one tool that may be needed if antagonistic policies get passed which lead to Bitcoin users being labeled as criminals.
A federal trial tied to the now-defunct Florida bitcoin exchange Coin.mx has been delayed. Yesterday, the court was set to begin jury selection for the trial of Yuri Lebedev – one of the co-operators of Coin.mx alongside Anthony Murgio, who plead guilty to three charges early last month – and Trevon Gross, a pastor who was accused of helping Coin.mx and its backers to take control of a New Jersey credit union in exchange for bribes. Gross was originally charged last March. Now, according to reports, Judge Alison Nathan has delayed jury selection by a day after the prosecution introduced a....
The Connecticut House of Representatives has passed a bill that would give the state's top financial regulator new powers to oversee parts of the local digital currency industry. If signed into law, Substitute House Bill No. 6800 would require a company seeking a money transmission license from the Connecticut Banking Department to specify that it plans to offer digital currency services. State regulators would then be empowered to assess whether or not to reject that applicant's request based on the potential risks to consumers. The bill states: "The bill allows the commissioner to deny a....