Credit: Nuthawut/Adobe Stock Securities, Cryptocurrencies, and Swaps: SDNY's Recent Decision Addressing Whether Digital Asset Transactions Are Regulated Securities
A deep dive into the legal analysis and holding in the recent Southern District decision, Terraform Labs. The article examines Terraform Labs' application of the Howey test to determine whether certain cryptocurrency transactions constitute regulated securities.
January 11, 2024 at 10:00 AM
29 minute read
Securities Litigation
Cryptocurrencies are all the rage in securities litigation. Indeed, U.S. Securities and Exchange Commission (SEC) Chair, Gary Gensler, has made it clear that the SEC is doubling down on its commitment to regulating crypto assets. See U.S. Securities and Exchange Commission, Press Release, SEC Nearly Doubles Size of Enforcement's Crypto Assets and Cyber Unit (May 3, 2022), https://www.sec.gov/news/press-release/2022-78 (last visited Dec. 29, 2023) (quoting Gary Gensler).
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