2018-6-28 08:25 |
A Florida district court has published an analysis explaining how a crypto token is a security.
Magistrate judge Andrea Simonton of the Southern District of Florida, in a report on whether to freeze the assets of the Floyd Mayweather-endorsed Centra Tech crypto startup, released a detailed explanation of how the company’s token demonstrates the different aspects of a security under existing law.
The defendants notably are not challenging the assertion that Centra’s CTR token is a security, according to the document.
Part of the case revolves around the idea that the CTR token, which Centra Tech sold to investors, is a security.
The court, quoting from the Howey Rule, said it believes that the token satisfies all three prongs of what defines an “investment contract,” and is therefore a security.
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