Fraud Suit Verdict Undermines SEC Control of Cryptocurrencies
Pymnts.com published an article " Fraud Suit Verdict Undermines SEC Control of Cryptocurrencies" that quotes a Troutman Pepper advisory authored by Seth M. Erickson, Mary Weeks, Douglas D. Herrmann, and J. Timothy Mast.
In a ruling that gives "cryptocurrency market participants some much-needed and rarely received comfort," according to the law firm Troutman Pepper, a federal jury in Connecticut found that four digital assets and products related to a cryptocurrency mining operation were not "investment contracts" subject to state and federal securities laws.
The verdict in Audet v. Fraser "will have wide-reaching implications" for two reasons, Troutman argued in a Nov. 22 blog post.