Lawyers defend themselves against the attempt by the SEC to mark 9 tokens as securities

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Von Krypto News Österreich

Während die Securities and Exchange Commission (SEC) weiterhin um eine regulatorische Präsenz auf dem Kryptomarkt wetteifert, scheint eine hochkarätige Branchenklage bereit zu sein, weitere Fragen darüber zu beantworten, wie weit ihre Autorität reichen sollte. Anwälte, die Ishan Wahi verteidigen – einen ehemaligen Coinbase-Manager, der des Insiderhandels beschuldigt wird – stellen die Behauptung der SEC in Frage, dass eine Liste von 9 Kryptos, mit denen Wahi interagiert hat, tatsächlich Wertpapiere sind. Welche Kryptos sind Wertpapiere? Per Argument abgelegt Am Montag behaupteten Wahis Anwälte, dass die SEC versuche, Autorität über den Krypto-Asset-Sektor aufzubauen, indem sie einen Präzedenzfall durch die Gerichte schaffe, anstatt …
While the Securities and Exchange Commission (SEC) continues to compete with a regulatory presence at the cryptom market, a top -class industry lawsuit seems to be ready to answer further questions about how far your authority should extend. Lawyers who defend Ishan Wahi-a former coin base manager who is accused of insider trade-question the claim of the SEC that a list of 9 cryptos with which Wahi interacts are actually securities. Which cryptos are securities? Wahi's lawyers claimed by argument on Monday that the SEC attempts to build authority via the crypto asset sector by creating a precedent through the dishes instead of ... (Symbolbild/KNAT)

While the Securities and Exchange Commission (SEC) continues to compete with a regulatory presence at the cryptom market, a top-class industry lawsuit seems to be ready to answer further questions about how far their authority should reach.

Lawyers who defend Ishan Wahi-a former coin base manager who is accused of insider trade-question the claim of the SEC that a list of 9 cryptos that Wahi interacted are actually securities.

Which cryptos are securities?

by argument stored on Monday Wahi's attempt to build up authority via the crypto asset sector by the dishes Create instead of getting them from the congress.

In July the Doj submitted an application an accusation against Ishan Wahi and his friend Samer Ramani because they are at an insider trade system Have participated in cryptocurrencies. The group benefited from $ 1.5 million by using Ishan's insider knowledge about new tokens that should be listed on Coinbase before their public announcement.

While Nikhil has been guilty since then to such fees, his brother Ishan Style = "Font-Weight: 400">. According to his lawyers, the cryptocurrencies with which the brothers have acted - including AMP, RLY, POWR and LCX - are actually not securities. So no securities laws could initially be violated.

"The SEC tries to distort the federal laws of the federal law to the unknown and to gain a regulatory area for a completely new industry," the file says. "This move is abuse of power. The federal law clearly excludes this. And this dish should reject it."

A securities is an investment contract that is characterized by four key criteria, as they were determined by The Howey-Test In order for a securities transaction to take place, money must be invested in a joint company, with the expectation that profits from the efforts of others will be achieved.

The defendants claim that the tokens in question were all sold on the secondary market-so buyers have never "invested" in a certain company when buying. In addition, the value of such tokens is largely derived from fluctuations within the market and not from the management efforts of a centralized party.

where the argument is

To this day, the second chairman Gary Gensler claims that the vast majority of the cryptos exist the Howey test and can therefore be classified as securities. Even ether-the second largest cryptocurrency after market capitalization-has decreased test for the possible existence of the test, especially after its switch to a proof-of-stake consensus mechanism.

While Gensler remains silent about many specific crypto-assets, he did it gave it is worth it and not as a securities become. Both Chair of the Commodities and futures trading commission (CFTC) and crypto-in congresses agree on this point.

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