The ICO judicial decision everyone has been waiting for is finally here — and the SEC is taking home the prize. Big-time.
A few months ago, in a case captioned U.S. v. Maksim Zaslavskiy, the first motion-to-dismiss oral argument of the first initial coin offering (ICO) litigated matter contested by the U.S. Securities and Exchange Commission (SEC) took place at the historic Brooklyn New York Federal Courthouse in a hearing before famed 70+ year old Judge Raymond Dearie. You can read all about the case here.
As I predicted here; here, here and here, Judge Dearie ruled that it will ultimately be up to a jury to decide whether the ICO at issue was a security, but the allegations in the criminal indictment were sufficient to support that the ICOs were offering securities as a matter of law. This is huge news.
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