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A quick thread on Judge Kaplan's opinion in the federal class action securities suit against #BlockOne. First, it recognizes that which on-chain transactions are domestic to the US and which are not is a novel and difficult question.
This matters because US securities laws and regs only apply to transactions in securities listed on US exchanges and transactions in the US concerning non-listed securities.
Class plaintiffs argued that, because some EOS network nodes were located in the US, any transaction in EOS tokens (presumed securities) on the network would be domestic, and thus US securities law would apply.
