US Court Rejects Appeal to Declare Ethereum a Non-Security

IconCryptoNewsTerminal Staff22 Aug, 2024

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US Court Rejects Appeal to Declare Ethereum a Non-Security

US Court Rejects Hodl Law's Appeal In a recent judgment, the US Court of Appeals has dismissed an appeal filed by Hodl Law, a cryptocurrency law firm. The firm had sought to have Ethereum (ETH) declared a non-security. Background Hodl Law initially filed a lawsuit with the US Securities and Exchange Commission (SEC) seeking recognition of ETH's non-security status. However, the lawsuit was dismissed. The firm then appealed the decision to the US Court of Appeals. Court's Reasoning The Court of Appeals ruled that Hodl Law's arguments lacked merit. The court stated that Hodl Law's claim of selective prosecution by the SEC was speculative and unsupported by evidence. Implications The court's decision reinforces the SEC's authority to regulate cryptocurrencies as securities. This has implications for cryptocurrency exchanges, investors, and developers.

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