Tezos Foundation Dodges ICO Suit In Calif. State Court

Law360 (August 30, 2019, 6:12 PM EDT) -- The Switzerland-based Tezos Foundation prevailed in challenging a California state court's jurisdiction over securities claims related to the foundation's $232 million initial coin offering for tokens that investors allege to be unregistered securities.

A state court judge in San Francisco sided with Tezos, an independent foundation created to facilitate the ICO for a cryptocurrency known as XTZ, in an order on Wednesday that granted the foundation's bid to quash a summons from investors who claim the ICO skirted registration requirements for securities.

While a California federal judge allowed a similar suit in his court to go forward against the foundation, finding...

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