Crypto surges and sinks as two New York judges diverge on whether it is a security Crypto
‘Fanboy culture’
Some of that impact can be chalked up to the inherent volatility of the asset class, said Richard Levin, chair of the financial technology and regulation practice at the law firm Nelson Mullins Riley & Scarborough LLP.But there’s no question that the July 31 ruling in the Terraform case “reinjected” uncertainty for investors over the status of crypto tokens, said Gordon Grant, head of sales and trading at Genesis Global Trading.
The Ripple decision “gave some hope to the crypto industry,” because Torres found that some conduct fell outside the scope of the securities laws, St. Laurent said. But Rakoff’s opinion is “pretty straight up the middle,” similar to other legal decisions in the space. The competing views show that “the law is not clear and that you can have very smart judges landing in different places,” said Faryar Shirzad, the chief policy officer at Coinbase.Article content
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