Last week, the U.S. federal court ruled a case between the U.S. Securities and Exchange Commission (SEC) and a crypto initial coin offering (ICO) project called Blockvest in favor of the ICO project.
Marco Santori, the president and chief legal officer at Blockchain, said:
“The SEC brought an enforcement action against a company called Blockvest, alleging that Blockvest’s ICO was a securities offering. SEC asked the court for a preliminary injunction (an order freezing Blockvest’s assets, among other things) so it called a hearing on the evidence.”
The SEC failed to justify that the ICO in question was actually a security and the court refused to acknowledge the token as a security solely based on the distribution method of the asset. read more...
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