Discover and read the best of Twitter Threads about #cryptolaw
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Guys arguing BTC can be classified as a security under Howey test.
1/8: Let's explore why #Bitcoin and similar #cryptocurrencies aren't classified as securities under the Howey Test. This test assesses whether an arrangement involves an investment contract. #Crypto #HoweyTest
1/8: Let's explore why #Bitcoin and similar #cryptocurrencies aren't classified as securities under the Howey Test. This test assesses whether an arrangement involves an investment contract. #Crypto #HoweyTest
2/8: The Howey Test has 4 key points: an investment of money, expectation of profits, a common enterprise, and efforts of a promoter or third party. Let's break these down for Bitcoin. #CryptoRegulation #Bitcoin
3/8: Investment of Money: Yes, Bitcoin miners invest money in hardware and electricity, but they're not buying an investment contract from a third party. They contribute resources to validate transactions & secure the network. #CryptoMining
1/ Getting lots of DM questions about attorney privilege / work product regarding the #Ripple judge decision to allow the release of 3 legal memos to Ripple purportedly analyzing whether XRP was a security (memos not released until Feb 19).
2/ Whether legal advice is privileged/work product that is protected is not a uniform analysis. For federal cases, the law of the circuit in which the case sits applies. While most federal cases are consistent in this area, there are tons of nuances.
3/ What is pretty consistent across all decisions is that the protection can be lost if the advice goes beyond what I call the “privilege circle” - that means to employees and directors of a company.
