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Court Rules Against SEC to Find ICO Not a Security
Author: Dan BrecherDate: January 4, 2019
A federal court recently ruled that digital assets sold in an initial coin offering (ICO) did not meet the definition of “security.” It is the first court decision against the Securities and Exchange Commission (SEC) on this issue, suggesting the analysis might not always be as clear-cut as the SEC maintains.
In October, the SEC filed a Complaint against Defendants Blockvest, LLC and Reginald Buddy Ringgold, III a/k/a Rasool Abdul Rahim El alleging violations of Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 10b-5(b); fraud in violation of the Securities Act of 1933 (Securities Act); and violations of Sections 5(a) and 5(c) of the Securities Act for the offer and sale of unregistered securities. Defendant Reginald Buddy Ringgold, III (Ringgold), is the chairman and founder of Defendant Blockvest, LLC (Blockvest). The SEC complaint alleges that Defendants have been offering and selling alleged unregistered securities in the form of digital assets called BLV’s via an ICO.
LuLaRoe Fashion Line Faces Sales Tax Lawsuit
We all know that charging too little sales tax can lead to an assessment of unpaid taxes and penalties, but charging...
5 Things To Know About Filing For An Extension On Your Taxes
The filing deadline may have shifted from April 15 to 18 this year, but for some, that makes no difference...
Hacks For Business Tax Law In 2017
The new year promises to bring twists and turns to the business tax law landscape. Although it's still in the...
IC-Disc...Is it Right for Your Business?
Now that President Trump has made it a priority to bring back manufacturing to the United States, now might be...
Estate Planning Regulation Impacts Small Business And Estate Tax Planning Strategies
January 10, 2017
The government lost estate and gift tax cases that attracted headlines. The government lost estate and gift tax cases that...
The IRS Issues New Partnership Rules for Disguised Sales & Liability Allocations
December 13, 2016
Recently, the IRS issued regulations to clarify definitions of partnership disguised sales and allocation of liabilities. Recently, the IRS issued regulations...
What New Jersey Small Business Owners Need to Know About Income Tax Returns
November 22, 2016
When tax season comes around, there are several factors to keep in mind as a small business owner in New Jersey;...
What Small Business Owners Need to Know About Personal Employment Tax
October 14, 2016
If you are a small business owner and receive income from your business for services, you will need to eventually...
New Partnership Audit Rules: the IRS’s Problem Is Now A Partnership Problem
October 12, 2016
The new partnership audit rules enacted as part of The Bipartisan Budget Act of 2015 (the “Rules”) are designed to...