Cryptocurrency as securities

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BlockFi is a platform that offers interest-bearing accounts through which investors can lend their crypto assets to BlockFi in exchange for monthly interest payments. These interest payments are generated through BlockFi's subsequent lending and investment activities. In February , an SEC cease-and-desist order alleged that BlockFi had failed to register its interest accounts as securities. The SEC argued that the interest accounts functioned as investment contracts because investors were promised a variable interest rate based on BlockFi's deployment of the crypto assets it was loaned.

Additionally, BlockFi was subsequently hit with a class action lawsuit on March 1 by account holders claiming that they should have been informed that the interest accounts were not registered as securities Mangano v. BlockFi, cv The case is still ongoing.

Ripple Labs, Inc. The SEC's complaint alleges that the defendants raised funds through the sale of XRP in an unregistered securities offering to investors and by distributing billions of XRP in exchange for non-cash consideration, such as labor and market-making services. The complaint also alleges that the defendants failed to register their offers and sales of XRP or satisfy any exemption from registration, in violation of the registration provisions of the federal securities laws.

On March 11, , the individual defendants' respective motions to dismiss were denied. While the case remains ongoing, it is possible that the outcome could have reverberating effects on the SEC's enforcement activities in this space for years to come. Roger E. Barton is a regular contributing columnist on securities regulation and litigation for Reuters Legal News and Westlaw Today. Opinions expressed are those of the author.

They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Barton Roger E. He represents clients in the capital markets and financial services industries regarding securities fraud, breach of fiduciary duty, common-law fraud, 10b-5 class actions, and breach of representations and warranties. He is a fellow of the Litigation Counsel of America and can be reached at rbarton bartonesq.

Christopher J. Mcnamara Christopher J. McNamara is a partner at Barton LLP and commercial litigator whose practice focuses primarily on trials, arbitrations, and pre-suit resolution of business disputes. He has litigated in federal and state courts in cases involving securities litigation, shareholder disputes, partnership disputes, class actions, breach of contract, and fraud. He can be reached at cmcnamara bartonesq.

Michael C. Ward Michael C. Ward is a partner in the litigation group of Barton LLP's New York office, whose practice focuses on complex financial and commercial litigation matters. The Securities Act of and the Securities Exchange Act of lay out the definition of a security in painful detail. But a more helpful guide can be found in the Howey Test.

Howey Co. Under the Howey Test, a transaction is considered to be a security if it meets the following four criteria: Money is invested. There is an expectation the investor will earn a profit. The investment is in a common enterprise. Profits are generated via the efforts of others.

In a recent appearance on CNBC, he reiterated his case on crypto. And that means those cryptos must be registered with the SEC under federal laws for securities. Take a look at some of the laundry list of charges: On Sept.