As the Securities and Exchange Commission (SEC) continues to step up its enforcement activities in the cryptocurrency space, the industry and its watchers are as keen as ever on gaining clear guidance on when, and how, the sale of a digital asset constitutes an unregistered securities offering.
Two recent U.S. District Court for the Southern District of New York (SDNY) cases, SEC v. Ripple Labs and SEC v. Terraform Labs, considered this question and reached differing conclusions.
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