With investors worldwide looking at a $1.5 trillion in recent cryptocurrency losses, a blizzard of class-action lawsuits are being prepared. One big question...
With investors worldwide looking at a $1.5 trillion in recent cryptocurrency losses, a blizzard of class-action lawsuits are being prepared. One big question is: who, if anyone, is to blame ?US federal regulators say 46,000 people have reported losing $1bn in crypto to scams... With investors worldwide looking at a $1.5 trillion in recent cryptocurrency losses, a blizzard of class-action lawsuits are being prepared.
The lawsuit alleges they encouraged followers to join “the EthereumMax community” and that the token itself was a “pump-and-dump” scheme that deceived investors. See: Here’s how much money you would’ve lost if you bought crypto during Matt Damon’s ‘Fortune Favors the Brave’ commercial The US definition of what is a security relies on something called the “Howey test” and derived from a supreme court ruling, Securities and Exchange Commission v WJ Howey Co. decided in 1946, long before the era of crypto.If cryptocurrencies are a security, the U.S. SEC has jurisdiction and selling unregistered securities fraudulently could be a felony, with up to five years in jail.
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