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Investors Accuse Crypto Firms Of Illicit Token Sales – Law360


Law360 (April 6, 2020, 5:35 PM EDT) — Investors filed a barrage of proposed securities class actions against four crypto-asset exchanges and seven digital token issuers for allegedly offering and selling billions of dollars worth of unregistered tokens, according to 11 suits brought in New York federal court late Friday.

While there have been several one-off cases in the past against coin issuers and exchanges over the unregistered sale of tokens as securities, this is the first coordinated effort to push major crypto firms to follow federal and state securities laws, according to a source familiar with the matter.

The investor plaintiffs, all represented by Selendy & Gay PLLC…

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