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Chuck Reynolds
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Chuck Reynolds   My Press Releases

SEC’s Claim on Blockvest ICO Token

Published on 11/29/2018
For additional information  Click Here

Judge Refutes SEC’s Claim on Blockvest ICO Token Being a Security,
Will Go to Trial

  

The crypto world received a surprising win from the U.S. justice system today.

Earlier this week, a California judge slapped down an SEC attempt to classify an ICO token as a security. U.S. District Judge Gonzalo Curiel of the Southern District of California declared yesterday that the Securities and Exchange Commission (SEC) has failed to provide adequate proof that the Blockvest ICO tokens should be considered securities. For that reason, Judge Curiel has turned back a request from the SEC for a preliminary injunction against the backers of the Blockvest ICO and its BLV tokens. It’s the first federal decision finding that the SEC hasn’t shown a digital asset offered in an ICO is a security. This is a big win for the crypto community.

As reported by CCN.com, the SEC uses three crucial metrics to determine whether or not a token is a security. These metrics date back to the 1946 SEC v. Howey Co. case. That case led to a landmark decision that governs the SEC’s enforcement of securities laws to this day. The SEC claimed that the Blockvest ICO involved the illegal sale of securities in the form of tokens, and that the tokens failed to pass the Howey Test. Judge Curiel disagreed with the evidence presented by the SEC and was not satisfied with the SEC’s arguments.

The judge took particular issue with one specific requirement: in order to prove a token is a security, the SEC needs to prove that the tokens were sold to investors with the promise of expected profits. Judge Curiel was reportedly not convinced that investors had expected to make a profit on the purchase of Blockvest ICO tokens. Instead, Judge Curiel was convinced that the tokens were simply used to test the platform – not as a genuine investment.

The Blockvest ICO Used a Fake SEC Logo to Feign Regulatory Approval

To read more on this subject, please click the following link..

https://markethive.com/group/cryptocoin/blog/judge-refutes-secs-claim-on-blockvest-ico-token-being-a-security-will-go-to-trial

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