Regulation
Hodl Law Challenges Unclear Ethereum Regulations in Court of Appeal
Hodl Law is currently appealing the dismissal of its lawsuit to the SEC. The question revolves around whether Ethereum, the world’s second-largest blockchain platform and its native currency called Ether, should be considered secure.
According to the HODL Act, the SEC’s failure to provide unambiguous regulations on cryptocurrencies not only affects businesses but also poses a great threat to the growth of the industry. They are seeking court orders that call for ether transactions to fall outside the scope of securities laws.
The SEC initially dismissed the original lawsuit against Hodl Law because it had no actual evidence of harm caused. According to the SEC, the Hodl Act’s arguments regarding uncertainties about its future application are merely speculation and therefore a lawsuit is not warranted.
The 9th Circuit Court of Appeals will preside over this case on July 18, 2024. This case means a lot in the entire digital currency space since the SEC has recently launched a wave of litigation against other crypto companies.
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