Cryptocurrency Creators Say 'Nano' Coin Is Not A Security

Law360 (September 24, 2018, 7:27 PM EDT) -- The company that created the cryptocurrency Nano asked a New York federal judge on Friday to dismiss a proposed class action alleging that it steered coin buyers toward an Italian exchange that lost hundreds of millions of dollars' worth of the digital currency to hackers, saying the tokens are not securities subject to securities law.

The Texas company Nano said its eponymous digital currency has not been and cannot be pled to be a security because the company never received any money in exchange for its issuance and does not have investors. Nano's value is not, like a security, derived from...

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