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A US Federal Jury Says Crypto 'Paycoin' is Not a Security
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Adding to the ongoing debate on the legal status of cryptoassets, a federal jury in Connecticut, USA, has ruled that a cryptocurrency and related assets offered by Paycoin founders are not securities.
The jury issued its verdict - which goes against the stance presented by the Securities Exchange Commission (SEC) - in relation to a case involving Homero Joshua Garza, the founder of the Paycoin cryptocurrency, according to comment by law firm Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, published in The National Law Review.
The US Department of Justice (DoJ) had previously successfully prosecuted Garza who plead guilty in 2017, received a 21-month prison sentence and was ordered to pay about USD 9.2m in restitution.
The latest trial
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