DOJ and SEC lawsuit against US citizen on the status of token in the market

US citizen defies DOJ and SEC claiming that the tokens he created are currencies and not securities
20 March 2018   106

Department of Justice (DOJ) and Securities and Exchange Commission (SEC) on March 19 filed documents against Maksim Zaslavskiy. The reason is the opposition to the claims of Mr. Zaslavskiy that tokens are considered as currencies and not securities. The matter concerns RECoin and Diamond token - those are tied to 2 ventures backed by real estate and diamond holdings respectively.

Now facing prosecution for securities fraud, the defendant claims that his 'investment opportunity' was no investment at all - it was just a sale of a currency backed by a commodity, first real estate (REcoin) and then diamonds (Diamond). The currency, according to the defendant, are the worthless certificates sent to investors that prompted some to ask for refunds.

 

U.S. government's lawyers

DOJ actually filed a lawsuit against Mr. Zaslavskiy on the matter of ICO fraud, and thus the US government suspects the defendant knew of the illegality of his actions. This incident follows a series of actions by US government to regulate the cryptocurrency sector of the US economy. This is especially notable in the light of a recent US Economy report that dedicated a whole chapter to the sector.

What is more, there is evidence that the defendant was, in fact, on notice that he was subject to the securities laws in sum and substance that the investor had nothing to worry about with respect to legal compliance. The SEC also contacted the defendant as early as August 15, 2017 requesting information about the REcoin ICO. The defendant wrote that he planned to hire an attorney, but instead proceeded with the Diamond ICO.

 

Excerpt from DOJ filing

Dow Jones' MarketWatch to Track Additional 8 Cryptos

Now it also shows data on  Ethereum, Ripple, Bitcoin Cash, Litecoin, Ethereum Classic, Monero, Dash and Zcash
25 April 2018   56

MarketWatch, the news department of the Dow Jones Media Group begun to track the market movements of eight new cryptocurrencies. This is reported by Coindesk.

The MarketWatch website tracks the bitcoin price from 2014, but from now on, users will also be offered data on Ethereum, Ripple, Bitcoin Cash, Litecoin, Ethereum Classic, Monero, Dash and Zcash.

The new service will publish real-time quotations of these coins against the US dollar and the euro, as well as historical trends in the price movement, using the data from the Kraken crypto exchange.

It's no doubt that our readers, as the world's savviest investors, have an eye on digital currency and we're happy to be expanding our real-time tracking of a total of 9 cryptocurrencies in both Euro's and USD, with Kraken's help.
 

Dan Shar

General Manager, MarketWatch

Last week, the financial news agency Dow Jones Media Group announced a partnership with the Brave startup. Within its framework, DJMG will test the possibilities of a blockbuster-developed platform for online advertising developed by a start-up, and will provide access to premium content of Barron's MarketWatch publications to about 2 million users of the Brave browser.