According to Bloomberg, U.S. District Judge Raymond Dearie in New York agreed with the government on Tuesday that an initial coin offering is a security for purposes of the federal criminal law.
“In what is believed to be the first criminal case of its kind, a federal judge in Brooklyn, New York, refused to dismiss the case of a man charged with promoting digital currencies backed by investments in real estate and diamonds that prosecutors said didn’t exist,” Bloomberg’s Patricia Hurtado wrote.
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