CandleFocus Crypto Mining Rig Sales Are Securities? Not So Fast, Lawyers Say
2024-09-29
Author: Content Editor
A federal judge has denied a request by crypto firm Green United to dismiss an SEC complaint alleging that the sale of its purported mining hardware constituted an investment contract. The lawsuit, filed in March, accuses Green United of defrauding investors of $18 million by selling them "Green Boxes" that failed to mine digital tokens called GREEN as promised. Legal analysts believe that while this case is important, it is not as consequential to the future of the cryptocurrency industry as the SEC's litigation against Coinbase or Ripple. The judge's rejection of Green United's motion to dismiss is not a ruling in favor of the SEC's arguments, but rather an indication that the case will proceed.
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