1/ Shocking New Case Filed by the SEC
The SEC has just filed a case alleging that:
Selling crypto mining equipment and offering hosting services for the equipment constitutes an "investment contract" under Howey.
Yes. You read that right.
Here's what you need to know. 👇
The SEC has just filed a case alleging that:
Selling crypto mining equipment and offering hosting services for the equipment constitutes an "investment contract" under Howey.
Yes. You read that right.
Here's what you need to know. 👇
2/ The case was filed in federal court in Utah.
Some of the mining machines at issue are Bitcoin Antminers.
To my knowledge, the SEC has NEVER issued guidance (formally or informally) that even hinted that selling mining equipment could be an unregistered securities offering.
Some of the mining machines at issue are Bitcoin Antminers.
To my knowledge, the SEC has NEVER issued guidance (formally or informally) that even hinted that selling mining equipment could be an unregistered securities offering.
3/ Many public companies doing business in the US today are selling mining equipment and offering hosting services right now--
And they have been in this business for years--with no apparent complaint from the SEC.
And they have been in this business for years--with no apparent complaint from the SEC.
4/ The SEC's attempt to extend its jurisdiction to sales of mining equipment (with no prior warning) is just the latest in a growing line of cases where the SEC is attempting to stretch beyond its statutory authority.
The overreach is accelerating.
Congress needs to act.
The overreach is accelerating.
Congress needs to act.
5/ Note: I previously worked with the lawyers representing some of the defendants in the Utah case.
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