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The U.S. SEC’s meticulous approach on the crypto regulation has prolonged while having embraced the crypto-markets even while fighting to fend off fraud. We kept reiterating on the U.S. SEC’s eagle eye on the ICO and crypto regulation amid various crypto scams and scandals.
Advocate Stephen D. Palley has given stance as to how a federal judge has ruled that ATB Coin was unregistered security even if the token didn’t entitle buyers to profits.
The Howey Test doesn’t actually require a security to be a share in a profit-gaining enterprise.
ICOS DON’T NEED FORMAL PROFIT-SHARING TO QUALIFY AS SECURITIES:
ICO-backed start-ups, unfortunately, underwent a phase of an even bigger threat, as a result, investors seem apprehensive, as the SEC enforcement went into snail’s pace.
ATBCoin, the decentralized cryptocurrency company, grieved a setback in an attempt to fend off the lawsuit that alleges their violation of federal U.S. securities laws.
Despite ATBCoin’s best efforts earlier this week, the federal judge in the U.S. District Court of New York declined ATBCoin’s contest to dismiss, that in turn, paves a way for the case brought forth by plaintiff Raymond Balestra to move forward.
ATB token’s value has tumbled over 85% since then. Consequently, the lawsuit is lodged on the grounds of these losses, on the flip side, ATB submitted a motion to dismiss, including that plaintiffs weren’t entitled to profits from the company.
Interestingly, the court has made an important point saying, even if you’re not promised profits in an ICO investment, it can still be considered a security if the Howey Test is applied reasonably. As a result, ATB Coin is found to be guilty of issuing unregistered securities and not keeping its promise. Thereby, the court sets a precedent by this remarkable decision.
Furthermore, the court contemplated the marketing materials from ATB Coin in order to substantiate the assertion that plaintiffs were promised a profitable investment.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 147 levels (which is bullish), while hourly USD spot index was at 106 (bullish) while articulating (at 13:30 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
