Unregistered

Oregon Attorney General Sues Coinbase, Claims XRP Among Other Cryptos Are Unregistered Securities

by

Salem, Oregon – In a significant move signaling increased state-level scrutiny of cryptocurrency operations, Oregon’s Attorney General Dan Rayfield has initiated a lawsuit against the major crypto exchange Coinbase, alleging that the platform has been trading digital assets that are effectively unregistered securities. This lawsuit was filed over concerns that such practices violate Oregon’s securities laws. The legal action highlights a proactive stance taken by state authorities amid what is perceived as a lessened federal focus during the previous administration. The Oregon Department of Justice, announcing the lawsuit on April 18, indicated it as a … Read more

DraftKings Settles NFT Class Action for $10 Million Amid Claims of Unregistered Securities

by

BOSTON — DraftKings, the well-known gambling company, has agreed to a $10 million settlement in a class-action lawsuit regarding its sales of non-fungible tokens (NFTs) through a marketplace that is no longer in operation. The lawsuit was spearheaded by lead plaintiff Justin Dufoe and represented others who had purchased NFTs from DraftKings. The preliminary approval for the settlement was granted by Judge Denise Casper of the Boston federal court on February 28, following a motion filed by the plaintiff’s group a few days prior. The settlement, which awaits a final approval, proposes a split of … Read more

Nova Labs Inc. Under SEC Scrutiny for Alleged Unregistered Crypto Asset Sales

by

Nova Labs Inc., a prominent technology company, is currently under scrutiny by the U.S. Securities and Exchange Commission (SEC). The allegations suggest that the company may have breached federal securities laws through its distribution of “hotspot” crypto asset mining devices, which are said to be unregistered investment contracts. This controversy touches on broader issues within the rapidly evolving cryptocurrency mining industry, where regulatory frameworks struggle to keep pace with technological advancements. According to the SEC, Nova Labs Inc. implemented a strategy aimed at circumventing established securities laws, thereby raising questions about the legalities of crypto … Read more

Minnesota Election Official Charged for Allowing Unregistered Voters to Cast Ballots

by

Nevis, MN — A former head election judge from Nevis, Minnesota, faces legal consequences for allegedly allowing 11 unregistered individuals to vote in a recent election. Timothy Michael Scouton, 64, has been charged with two felony counts linked to election misconduct in Hubbard County, authorities reported. The investigation into the irregularities commenced when Kay Rave, the Hubbard County Auditor, discovered a lack of completed voter registration forms from Badoura Township. According to the county sheriff’s office, another election judge claimed Scouton had instructed them to bypass standard registration procedures and simply have new voters sign … Read more