Judge Slaps Down SEC Attempt to Label ICO Token as Security

US District Judge Gonzalo Curiel of the Southern District of California declared yesterday that the Blockvest ICO is, in essence, not a security — or at the very least that the Securities and Exchange Commission (SEC) had failed to demonstrate that met the characteristics of a security under US law.

There are three important metrics involved in determining whether a token or financial product is indeed a security, dating back to a 1946 case, and the one that Judge Curiel decided was not satisfied was that investors had expected to make a profit on the tokens.

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