Call us now:
One suspects that not only is the balloon deflating, but like a balloon that just got itself caught in El Niño the direction crypto firms are travelling with regard regulation maybe difficult to control. As a judge known for his securities experience stuck a large pin in the reasoning followingthe recent Manhattan Federal District court hearing of the Ripple case.
‘It may also be mentioned that the Court declines to draw a distinction between these coins based on their manner of sale, such that coins sold directly to institutional investors are considered securities and those sold through secondary market transactions to retail investors are not. In doing so, the Court rejects the approach recently adopted by another judge of this’ – ‘That a purchaser bought the coins directly from the defendants or, instead, in a secondary resale transaction has no impact on whether a reasonable individual would objectively view the defendants’ actions and statements as evincing a promise of profits based on their efforts’ {sic}
One raises this due to the term ‘reasonable individual’, as it is the term carried by the recent SEC final ruling on cybersecurity risk management (reasonable investor, reasonable shareholder), requiring U.S public domestic and foreign registrants to attest their material cybersecurity risk management and incident reporting. One suspects we will be hearing allot about this ‘reasonable individual, investor, shareholder’ when the realization dawns on public firms of the impact of the cyber ruling.
Ted Dziekanowski Rachel V. Rose, JD, MBA Stephen Pitt-Walker, JD, FGIA
#crypto #cryptocurrencies #cybersecurity #cyberriskmanagement
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