US Judge Rules ICO’s are Covered by Securities Law

bonnie kittle 1037677 unsplash

A federal judge in Brooklyn, New York, has just denied an appeal to dismiss a case against a person charged for promoting cryptocurrencies backed by real estate and diamond investments.  In a report by Bloomberg today Sept 11, federal prosecutors said that these investments never really existed.

U.S. District Judge Raymond Dearie sided with federal prosecutors that initial coin offerings or ICO’s is considered a security for purposes of criminal law.  With this development, government prosecutors won a crucial legal victory in what seems to be the first criminal case of its kind as the US Judge ruled that ICO’s are governed by the US securities laws.

Marko Tee

Marko Tee

Contributor and news writer for Cryptolitan.com. Marko has 4+ years of experience as a journalist and covered cryptocurrency and blockchain technology. He has years of experience writing about tech news and innovation.

Related News

Hot Stories

Ethereum price analysis: ETH wobbles near $1,700 as bulls desperate to touch $1,800
Bitcoin, Binance Coin, Tron, and FTX Token Daily Price Analyses – 7 August Morning Price Prediction
Bitcoin price analysis: Tug of war between bulls and bears keeps BTC below $24k
Elon Musk drags Twitter to court for fraud
Crypto Experts Favorite Choices For August: Gnox (GNOX), Cosmos Hub (ATOM) And Chain (XCN)

Follow Us

Industry News

Elon Musk drags Twitter to court for fraud
Binance CEO Urges To Move Funds From WazirX To Binance
Bitcoin falls to $23K on U.S. jobs report
How are the top cryptocurrencies selected?
Voyager Digital set to refund users with a $270 million fund