US Court Denies SEC’s Request to Classify Blockvest ICO Token as Security

In an important ruling for the crypto space, a California judge last week denied the US Securities and Exchange Commission’s (SEC) request to classify an initial coin offering (ICO) token as a security.

According to court documents released on November 27, US district judge Gonzalo Curiel of the Southern (NYSE:SO) District of California declared last week that the SEC had failed to provide adequate proof that the Blockvest ICO tokens (BLV) met the characteristics of a security under US law. Judge Curiel explained that the SEC case did not satisfy the Howey Test, which is the legally established methodology to determine whether or not an asset constitutes a security.

“At this stage, without full discovery and disputed issues of material facts, the Court cannot make a determination whether the BLV token of…

This article appeared first on Cryptovest

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