Coinbase Hit With SEC Suit That Identifies $37 Billion Of Crypto Tokens As Securities

Coinbase Hit With SEC Suit That Identifies $37 Billion Of Crypto Tokens As Securities by emilymason00

Determination of whether an asset is a security hinges on it passing the Howey Test, established after a 90-year-old U.S. Supreme Court case involving Florida citrus groves that outlined what constitutes an investment contract. The test designates an asset as an investment contract if money is contributed to a common enterprise with a reasonable expectation of profit from the efforts of others., which identified 10 tokens worth $132 billion as securities.

“If you bring a case against somebody unknown it's not going to get the same attention as the case that the SEC brought against Kim Kardashian, which amplifies the enforcement and regulatory message,” says Seward & Kissel’s Moustakis.

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