A U.S. District Judge in Brooklyn has delivered a landmark judgement with far-reaching implications for the initial coin offering (ICO) market. Judge Raymond Dearie of the U.S. District Court Eastern District of New York today ruled that U.S. securities laws cover ICO token sales.The ruling came in a case against a fraudulent ICO promoter Maksim Zaslavskiy, whom prosecutors are looking to bring up on fraud charges for defrauding investors of more than $300,000 from a scam ICO called REcoin.

布鲁克林的一位美国地区法官作出了具有里程碑意义的判决,对最初的数字资产首次发行(ICO)市场产生了深远的影响。纽约东区美国地方法院法官Raymon Dearie今天裁定美国证券法涵盖ICO销售。这项裁决是针对欺诈性的ICO发起人马克西姆扎斯拉夫斯基(Maksim Zaslavskiy)提起诉讼的,检察官正试图提起诈骗指控,骗取一家名为REcoin的骗局ICO超过30万美元的投资者。

In Sept. 2017, CCN reported that the SEC charged Zaslavskiy and two of his companies with defrauding investors through a number of ICO scams including REcoin. REcoin was marketed to investors as being backed by real estate and diamond assets which in actual fact did not exist.

2017年9月,CCN 报道美国证券交易委员会指控Zaslavskiy和他的两家公司通过包括REcoin在内的多项ICO骗局欺骗投资者。REcoin以房地产和钻石资产为后盾向投资者推销,实际上并不存在。

In a pioneering ruling, Judge Dearie refused to dismiss the case against Zaslavskiy, whose lawyers earlier pled for dismissal on the basis that the ICOs in question were currencies and not securities, placing them outside the jurisdiction of the SEC Act.


An excerpt from today’s hearing file reads:“He [Zaslavskiy] argues that the securities laws are  unconstitutionality vague as applied. The Government, meanwhile, asserts that the investments made in REcoin and Diamond were “investment contracts,” and thus “securities,” […] and that these laws are not unconstitutionally vague.”


Judge Dearie’s ruling on this matter was that an ICO is indeed a security for the purposes of federal criminal law, which is what prosecutors have argued since last year.Dearie has become the first judge to deliver a ruling that places ICOs firmly within the jurisdiction of securities regulators, and this could potentially have important implications for the ICO market by creating a precedent for future cases.

Dearie法官对此事的裁决是,ICO确实是联邦刑法的保障,这是检察官自去年以来所主张的。Dearie裁决的含义美国证券交易委员会声称,REcoin ICO骗取投资者30万美元。Dearie已成为第一位提出将ICO牢牢置于证券监管机构管辖范围内的裁决的法官,这可能通过为未来案件开创先例,对ICO市场产生重要影响。

US Judge Claims ICOs Are Covered By Securities Laws in Case Against Maksim Zaslavskiy. The crypto industry achieved a landmark legal milestone in the United States today as a US judge claimed ICOs are covered by existing securities laws.

美国法官索赔ICO受Maksim Zaslavskiy案件的证券法所涵盖。加密行业今天在美国取得了具有里程碑意义的法律里程碑,因为美国法官声称ICO受到现行证券法的保护。

As reported by Bloomberg, an American court has decided that U.S. securities laws cover initial coin offerings.A federal judge in Brooklyn, New York refused to dismiss the case of a man charged with promoting digital currencies through an ICO. The ICO tokens were purportedly be backed by investments in real estate and diamonds. Unfortunately for the ICO and its backers, however, prosecutors claim the real estate investments and diamonds never existed.


It’s believed to be the first criminal case of its kind.U.S. District Judge Raymond Dearie of New York agreed with the government on Tuesday by stating that an initial coin offering is a security sale for purposes of federal criminal law.In other words, we don’t need to create a new set of regulations around ICOs: initial coin offerings are already covered by existing regulatory framework in the United States.

它被认为是同类中的第一个刑事案件。纽约的美国地方法院法官Raymond Dearie周二同意政府的意见,称数字资产首次发行是出于联邦刑法的安全销售。换句话说,我们不需要围绕ICO制定一套新的法规:初始硬币产品已经被美国现有的监管框架所涵盖。

The case first made headlines back in January. “Can bitcoin be regulated? US courts are about to decide,” announced Bloomberg in their first writeup on the case.


“Federal judges in Brooklyn, New York, are about to rule on the question. In doing so, they could determine whether Bitcoin and other stateless currencies are securities that can be regulated like stocks or bonds. Courts across the country are likely to consult these rulings when considering other cybercurrency cases.”


As revealed today, the US judge sided with prosecutors and dismissed Zaslavskiy’s lawyers’ claims that the tokens sold in the ICO were not securities. Moving forward, US prosecutors will charge Zaslavskiy based on existing US securities laws. They won’t treat ICO tokens as a special asset class with unique laws.


Will This Ruling Extend to All ICOs?


Some see this as a victory for crypto: it’s a way for crypto to continue entering mainstream financial markets without rewriting financial rules.Others see it as a defeat, because it means all tokens sold during ICOs could be declared securities.


This court case will likely be referenced in future court cases regarding ICOs as evidence that US regulators consider ICO tokens to be securities. However, it seems unlikely that the ruling could extend to all ICOs and all companies.


It’s also important to note that most ICO operators already acknowledge existing American securities laws. They specifically address the Howey Test, for example, and claim their ICO token passes the Howey Test. If the ICO token doesn’t violate the Howey Test, then it won’t be declared a security, and does not need to abide by existing securities laws. It’s when tokens violate the Howey Test that they start getting into trouble – as is the case with Zaslavskiy’s ICO from last year.

值得注意的是,大多数ICO运营商已经承认现有的美国证券法。例如,他们专门针对Howey测试,并声称他们的ICO token通过了Howey测试。如果ICO token没有违反Howey测试,那么它将不会被宣布为证券,并且不需要遵守现有的证券法。当代币违反Howey测试时,他们开始遇到麻烦 – 就像去年Zaslavskiy的ICO一样。

Ultimately, the impact of this Brooklyn crypto court case remains to be seen. For now, it seems that ICOs are covered under existing American securities laws – and that means ICO operators must abide by existing American securities laws or risk facing consequences.

最终,这个布鲁克林加密法庭案件的影响还有待观察。目前,似乎ICO受现有美国证券法的保护 – 这意味着ICO运营商必须遵守现有的美国证券法或面临后果的风险。

While the ruling comes as a boost for prosecutors, the it is by no means a final word on the matter. In his comments, Judge Dearie noted that the ultimate decision rests with a jury and that Zaslavskiy’s lawyers can in fact still present the argument contesting the jurisdiction of securities laws to the jury.


作者: Bitcoin Exchange Guide News Team

来源: https://bitcoinexchangeguide.com/us-federal-judge-in-new-york-claims-icos-are-covered-by-securities-laws


原作者: 比特律