Federal Court Reconsiders SEC Application for Preliminary Injunction, Enjoins Blockvest IPO

February 26, 2019

In SEC v. Blockvest, Judge Gonzalo Curiel of the U.S. District Court for the Southern District of California enjoined Blockvest, LLC (“Blockvest”) from proceeding with a planned initial coin offering (ICO) of its “BLV” token. The decision follows the court’s reconsideration of its previous denial of the Securities and Exchange Commission’s (SEC) request for an injunction. Judge Curiel’s most recent decision will likely dampen hopes in the cryptocurrency industry that the courts will limit federal regulators’ oversight of new coin or token offerings absent specific action by Congress.

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