As a seasoned financial analyst with over two decades of experience, I can confidently say that this ruling is another step in the ongoing saga of cryptocurrencies and their regulation. It seems the SEC is intent on keeping a firm grip on the crypto market, considering it as an extension of traditional securities.
In a recent ruling, a U.S. federal court has supported the Securities and Exchange Commission (SEC) in classifying cryptocurrency mining equipment as securities. This decision follows the SEC’s legal action against Green United LLC, alleging that the company was running a deceitful operation selling crypto mining hardware.
Judge Defines Crypto ‘Boxes’ as Securities
Recently, Judge Ann Marie McIff Allen in the U.S. District Court decided that the mining equipment used by Green United, known as “Green Boxes,” fall within the scope of what constitutes a security according to American law.
The US SEC’s lawsuit against Green United LLC alleged that the company raised $18 million from investors by falsely marketing the Green Boxes as miners for a non-existent digital token called GREEN on a so-called “Green Blockchain.”
The court found that the SEC had sufficiently demonstrated the existence of an investment contract through the sale of these devices, along with a hosting agreement for operating the Green Boxes. The judge rejected Green United’s argument that its products were not securities, stating that the agency had adequately alleged all necessary elements of a security.
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2024-09-25 20:49