SEC guidelines on Howey's test is being explained now on what is security token and what not.
Favourable regulatory guidelines of G20 countries explained and pointed out that most of the countries in g20 nations are inclined to regulate Crypto and are not treating industry players as bunch of criminals.
Regulators there exercised their powers intelligently and they studied the technology.
UK realized that you cant prevent anybody to manage their affairs dealing with Crypto.
Whereas RBI has not applied mind.
Various reports of RBI being read which discussed Crypto.
A judgement is being read which holds that vagueness of rule is detrimental to its validity.
Judgement on Article 19 1g is being read.
If restriction on business is so stringent that it cannot be carried out then it is an unreasonable restriction.
If restricted is such that it though does not prohibit the business but has the effect of doing so, it is an unreasonable restriction.
1950 SCR 759
When a statute under the guise of protecting public interest, put restrictions on individual business, it is arbitrary and unreasonable.
points out that only IMC report is there which has not yet reached the parliament. So getting influence by that it not warranted.
Judgment - 2004 10 SCC 1
Mr. Ashim Sood completes his arguments.
He is briefing the court on how the use of money evolved in the worlds from barter to gold to fiat.
1. No authorization to Crypto business (No law prescribes authorization),
2. Hacking (So is with the Digital banking)
3. consumer protection issues (Consumer protection laws can deal with it)
5. Volatility (Stocks also have that)
6. use in Illicit activities (Laws like KYC AML etc. can be made applicable)
Counsel says not just that My Lords, it also provides for Official digital currency.
If crypto had impact on monetary stability of the country, Govt. could have proceeded but in their November 2017 they have accepted by it has little popularity among general public.
Judgment - Bhavesh Parekh read out.