You can not lie to people and steal them just because you call them an OIC

US judge says securities law applies to ICO

The cryptography market does not have a very good day, especially Ethereum, which dropped 7% to $ 182 after falling to $ 176. It's far from $ 1400 in January.

One of the reasons for the fall is that a New York judge ruled today that a case can be tried on what appears to be an obvious scam. The defendant attempted to argue that what he was selling was a currency and not a title, that securities law does not apply.

The judge did not punch his decision:

"By the
indictment, no diamonds or real estate, or coins, tokens or currency of
any kind imaginable, never existed – despite the promises made to investors at the
on the contrary, "District Judge Raymond Dearie said in his judgment."
opportunity as a "virtual currency" or "cryptocurrency" does not transform a
investment contract – a security – in a currency. "

I have the impression that this is not the last time we will hear this in the coming year. The ICOs have raised about $ 18.7 billion this year and I would bet that 90% of them are under water.

Two things:

1) 2019 will be a record year for crypto securities lawyers

2) We will see a lot of these stories

ForexLive