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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The news of Ripple’s recent partial victory against the SEC after a legal battle spanning almost three years sent a ripple of joy around the entire crypto industry. However, according to a legal expert on Twitter, Lawyer Bryan Jacoutot, the victory might be short-lived as SEC has enough grounds to appeal the decision and drag this thing out for a lot longer. The SEC’s Lawsuit Against Ripple Labs The SEC filed a lawsuit against Ripple Labs in December 2020, alleging that Ripple had conducted an unregistered securities offering worth over $1.3 billion through the sale of XRP.....
Former SEC lawyer says OpenSea insider trading case could end with NFTs labeled as securities Former Securities and Exchange Commission lawyer Alma Angotti says this week’s news about an OpenSea employee being charged with insider trading could open the doors to non-fungible tokens being labeled as securities. On Wednesday, in a first for the industry, prosecutors in Manhattan charged former OpenSea product manager Nathaniel Chastain with insider trading. The U.S. Attorney’s Office for the Southern District of New York said the exact charges were “wire fraud and money laundering in....
The United States-based crypto industry advocacy group the Blockchain Association has said it will stand with Ripple Labs amid its ongoing legal battle with the Securities and Exchange Commission (SEC), claiming the case could be very important for the future of the industry. United States-based crypto advocacy group Blockchain Association has come out in support of Ripple Labs amid its ongoing legal battle with the Securities and Exchange Commission (SEC), claiming the case could be very important for the future of the crypto industry. In an Oct. 28 post, the advocacy group announced it....
The U.S. Securities and Exchange Commission (SEC) has won a court case against the blockchain-powered publishing platform LBRY. According to a New Hampshire district court ruling, Judge Paul Barbadoro agreed with SEC that the project’s native asset LBC was considered an investment contract or a transferable share representing a certificate of interest. On Twitter, LBRY said the language used to sway the court’s decision “sets an extraordinarily dangerous precedent.” U.S. Regulator Wins Judgement Against Decentralized Blockchain Platform LBRY According to court documents, the U.S.....
A Mississippi electric company has filed suit against GAW Miners for non-payment and breach of contract. According to court documents, Mississippi Power Company (MPC) is seeking repayment of roughly $224,000 in services, as well as nearly $50,000 in costs incurred specifically for servicing GAW. MPC is looking to collect an additional $73,493.48, an amount the utility claims it is entitled to as a result of the alleged breach of contract. The suit was filed on 8th April in the Southern District Court for the Southern District of Mississippi. The electric utility is being represented by....