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   617

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

Casa to Launch Lightning Node Mobile App Called Sats

Casa to Launch Sats App With Lightning Network Support
04 July 2019   1011

Casa startup, specializing in the creation of secure storage systems for private keys, introduced a mobile bitcoin application Sats App, which makes it easy to manage Lightning-node.

Sats App is positioned as a non-custodial bitcoin wallet "with unique functions." According to Casa CEO Jeremy Welch, the SatsBack reward program will soon be launched, under which users will receive small amounts in BTC. For example, for connecting an application and a Casa Node device to each other, the user will receive 20,000 Satoshi.

Features are focused on increasing adoption of bitcoin and lightning nodes. You will be able to earn bitcoin if you don’t have a Casa node, but you will be able to earn bitcoin faster if you have a node.
 

Jeremy Welch 

CEO, Casa

He also added that the application, available for iOS and Android, is “secure, private and connects via Tor”.

According to CoinDesk, the startup earlier raised $ 3.5 million from Castle Island Ventures, Boost VC and Compound, and several other investors. Currently, a startup staff of 25 people serves users from 60 countries.