Federal Court Rules In ICO Favor - SEC Gets A Bloody Nose!

[PRIBO247]

Last week, the U.S. federal court ruled a case between the U.S.
Securities and Exchange Commission (SEC) and a crypto initial
coin offering (ICO) project called Blockvest in favor of the ICO
project.
Marco Santori, the president and chief legal officer at Blockchain,
said:
“The SEC brought an enforcement action against a
company called Blockvest, alleging that Blockvest’s ICO
was a securities offering. SEC asked the court for a
preliminary injunction (an order freezing Blockvest’s
assets, among other things) so it called a hearing on the
evidence.”
The SEC failed to justify that the ICO in question was actually a
security and the court refused to acknowledge the token as a
security solely based on the distribution method of the asset.

https://www.ccn.com/monumental-federal-court-rules-case-in-favor-of-crypto-ico-against-sec/

Ouch! That must have hurt real bad! But seriously I see this as a bad precedent because some ICOS could take it into their heads to challenge the SEC in court as long as they have sufficient evidence.
On the other hand, SEC and investors will be more cautious when suing an ICO. What say you guys?

[ZionRTZ]

Serves them right. That is just a reminder to them not to abuse their power. The decision, however, will not prevent them from going after other ICO projects suspected of selling securities.

[PRIBO247]

Serves them right. That is just a reminder to them not to abuse their power. The decision, however, will not prevent them from going after other ICO projects suspected of selling securities.

Lol....no it will not but it will make them more cautious in their approach.

[Zed0X]

This is definitely a welcome news to all projects funded or currently running their ICOs. Atleast they are now aware that they do not have to worry about SEC as long as they conduct their business according to the rules.

[vycl87]

I think the market effect of the news coming from the SEC now is very little. Market pricing has already taken place. We need to follow different developments.

[tamango]

This is really a good news. I hope that SEC in next future will think more before making decisions that can decrease ICO market appeal like what happened in past months!

[Fenix]

SECs have become too active in trying to impose their own bans and impose fines on certain specific ICOs. This is the wrong approach to solving the problem of unfair ICOs. It is necessary to introduce a general regulation of ICO activities, and not to punish individual ICO projects.

[PRIBO247]

SECs have become too active in trying to impose their own bans and impose fines on certain specific ICOs. This is the wrong approach to solving the problem of unfair ICOs. It is necessary to introduce a general regulation of ICO activities, and not to punish individual ICO projects.

 You are quite correct but the thing with power is it can be misused. SEC needs to understand that though they have a measure of power over certain crypto activities, they are not autonomous. They need to be fair in all their pursuit.

[ZionRTZ]

I think the market effect of the news coming from the SEC now is very little. Market pricing has already taken place.

Maybe but this is still a welcome news nonetheless. It certainly adds confidence to project founders and ICO investors.