Partner Joe Dewey was quoted in an article on the first of its kind ruling in a criminal context on whether initial coin offerings (ICO) fall under securities law. U.S. District Judge Raymond Dearlie ruled that securities law is fair game in prosecuting cryptocurrency fraud. The ruling marks the first ruling a federal judge has weighed in on how an ICO can be regulated.
“Unfortunately, there are a fair amount of bad actors in this space.” The Zaslavskiy decision “may limit or dissuade a defendant to try to bring this kind of defense again. … But then again, these are all facts and circumstances cases, so it’s hard to have great precedent that doesn’t have to be bespoke applied.” said Mr. Dewey
READ: This Crypto Case Could Push Federal Regulators to Tackle More ICO Fraud (Subscription Required)
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