A Texas federal judge ruled on August 7 that the Securities and Exchange Commission (SEC) can proceed with its lawsuit against Trendon Shavers, the Texas man accused of operating a bitcoin Ponzi scheme this July, Forbes reported.
Shavers disputed the charge, claiming that bitcoin investments were not “securities” under federal law, and thus did not lie within the SEC’s jurisdiction.
For more on what the ruling means for the bitcoin community, read the full report here.
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