DOJ, SEC Argue Vague Laws No Excuse for ICO Fraud

In twin filings submitted on March 19, the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) dismissed claims by defendant Maksim Zaslavskiy that U.S. securities laws don’t apply to the sale of tokens tied to two ventures, one backed by real estate and the other by diamond holdings. The DOJ’s filing strikes a decidedly dismissive tone toward the argument that SEC regulations aren’t clear enough when it comes to the question of cryptocurrencies and ICOs. The government argued that Zaslavskiy knew what he was doing when he began soliciting investments for both token sales, writing that he «had more than sufficient notice that this conduct constituted securities fraud.»

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