SEC Fails to Show Court Blockvest Tokens Are Securities
A U.S. district judge has denied the motion filed by the Securities and Exchange Commission (SEC) against cryptocurrency company Blockvest and its founder. The SEC failed to show the court that Blockvest’s tokens are securities. The company has set up a fictitious regulatory agency and claimed its ICO is endorsed by three different U.S. regulators.
Judge Denies SEC’s Motion
U.S. District Judge Gonzalo P. Curiel has denied the SEC’s motion for preliminary injunction against Blockvest Llc and its founder, the case document dated Nov. 27 shows.
The SEC alleged that Blockvest’s BLV tokens are securities based on the three-part Howey test. The defendants disagreed. After hearing “starkly different facts” provided by plaintiff SEC and the defendants, the court concluded that “because there are disputed issues of fact, the court cannot make a determination whether the test BLV tokens were…
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