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Group Of 6 Legal Professors, Veterans In Securities Law Files Destructive Amicus Brief to Favor Coinbase

Published:

A news report yesterday night, August 13, discloses that scholars well versed in securities laws and the associated fields submitted a “friend of the court,” otherwise called amicus brief, last Friday, August 11.

The brief was submitted to the United States District Court for the Southern District of New York by six legal scholars from Yale, Boston University, University of Chicago, Widener, Fordham, and UCLA.

READ ALSO:In spite of Privacy Concerns, Binance Collaborates with Japanese KYC Provider

The latest amicus brief probably delivers a death blow to the Securities and Exchange Commission’s argument that cryptocurrency tokens sold on secondary markets are classified as investment contracts.

Fast Facts

  • The legal professors’ amicus brief destroyed the Securities and Exchange Commission’s investment contract conjecture.
  • The brief thoroughly tracked down the origin of what an investment contract means before, during, and after the passage of the 1993 Federal Securities Act.
  • The legal scholars concluded that each Investment Contract the Supreme Court recognized is linked to a contractual agreement allowing surviving support within the enterprise.
  • Previously in 1993, the state courts had already mapped out the criteria to interpret the word “investment contract.” It represents a contractual presentation enabling an investor to gain a contractual part of the seller’s later profits, assets, or income.
  • Following the 1946 Howey judgment, the common feature of investment contracts is that an investor must have assurance as a result of their investment. Moreover, it should guarantee a permissible interest in the profits, income, and assets of the business.
  • The six supporting scholars include; Stephen Bainbridge from the University of California, Tamar Frankel from Boston University, Sean Griffith from Fordham University, Lawrence Hamermesh from Wiener University, Mathew Henderson from the University of Chicago, and Jonathan Macey from Yale Law School.

What’s Happening In Crypto Today?

At the time of this writing, Bitcoin is trading at $29,377.32, with a drop in market cap by 0.09% and an increase in trading volume by 74.29%.

Ethereum, on the other hand, is currently trading at $1,846.77, with a drop in market cap by 0.18% and an increase in trading volume by 84.25%.

  • Meanwhile, Tether is currently trading at $0.9988, with a drop in market cap by 0.06% and an increase in trading volume by 53.03%.
  • BNB, on the other hand, is trading at $240.38, with a drop in market cap by 0.06% and an increase in trading volume by 20.68%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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