Another court applies the Howey investment contract analysis to crypto

Another court applies the Howey investment contract analysis to crypto

The ruling on the motion to dismiss in the SEC v. NAC case indicates that the SEC still has crypto sales in its crosshairs in 2021. On June 25, 2020, the United States Securities and Exchange Commission brought suit in the Northern District of California against NAC Foundation LLC, also known as the NationalAtenCoin Foundation, and Rowland Marcus Andrade, the company’s CEO, alleging that the company had violated the federal securities laws by selling an unregistered, pre-functional version of an “Anti-Money Laundering BitCoin” token, to be known as AML BitCoin.Unlike some of the other....


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