Mitigating Crypto UDAAP Risk After Ripple ICO Ruling

Law360 (March 12, 2020, 5:27 PM EDT) -- Cryptocurrency advocates have long argued that cryptocurrencies are not securities, and therefore not subject to state and federal securities laws.

But a district court in California just shed light on whether advocates' desired outcome also carries a substantial downside: application of state and federal laws against unfair, deceptive, or abusive acts or practices, such as California's Unfair Competition Law.

State and Federal UDAAP Laws Typically Do Not Apply to Securities Transactions

California's UCL, like other UDAAP laws, prohibits unlawful, unfair or fraudulent business acts or practices. While that sounds simple enough, application of that rule is far from straightforward because, among...

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