Cryptocurrencies Have Been Considered as Securities During the Process in the U.S. Court
According to Reuters, American lawyer and the U.S. District Judge Raymond Dearie in Brooklyn, New York, rendered such verdict yesterday, on September 11, which hints that cryptocurrencies may be acknowledged as securities in the U.S. legislative system.
Initial coin offering (ICO) campaigns fall under securities law -- at least through the criminal law point of view. According to Reuters, American lawyer and the U.S. District Judge Raymond Dearie in Brooklyn, New York, rendered such verdict yesterday, on September 11, which hints that cryptocurrencies may be acknowledged as securities in the U.S. legislative system.
In particular, the judge upheld a criminal prosecution involving the U.S. citizen Maksim Zaslavskiy who was arrested in November 2017 for misleading cryptocurrency investors and holding two ICO scams. In his criminal activities, Zaslavskiy collected at least $300,000. He was selling tokens REcoin which, according to him, were backed by real estate, and also Diamond coins, that were allegedly backed by the real diamond business. Prosecutors, however, do not consent with the defendant and stress that the tokens have never been released.
In March, lawyers of the defendant made a request to drop charges since the case was related to currencies and not securities and, consequently, could not be classified as a securities law case. However, this Tuesday, Dearie denied the request and emphasized that the application of the federal securities law should be “flexible”. He denoted that the U.S. Securities and Exchange Commission (SEC) also reviews some of cryptocurrencies as securities.
Besides the point, this year in June, the SEC executives approved that Bitcoin and Ethereum are not securities.
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