Markets
News
Analysis
User
24/7
Economic Calendar
Education
Data
- Names
- Latest
- Prev
【Judge: SEC has fully charged that Green Boxes and custody agreements constitute securities】 September 26, according to Bloomberg Legal News, Judge Ann Marie McIff Allen of the U.S. District Court for the District of Utah said: "The U.S. Securities and Exchange Commission (SEC) has fully accused Green Boxes (computer hardware) of constituting securities in combination with a custody agreement to operate Green Boxes."This investigation is different from whether the digital assets themselves and their transactions meet the U.S. Supreme Court's test on investment contracts.Green United LLC failed to convince the federal court to dismiss the civil fraud lawsuit filed by the U.S. SEC against it on the grounds that its customers of cryptocurrency mining machines "Boxes" or hardware did not conduct securities transactions with it.According to the U.S. SEC's lawsuit in March 2023, Green United founder Wright Thurston and major promoters offered $3,000 in "Green Boxes" investments, which are specialized crypto mining machines that allegedly mine GREEN tokens on the Green blockchain. Investors were told that mined GREEN tokens supported a “public global decentralized power grid” while generating a healthy 40% to 50% return per month. Investors were also told that the success of their investment depended on Green United maintaining control of its “Green Boxes,” which would be remotely hosted in data centers controlled by Green United. The GREEN tokens generated by their machines would be distributed to investors. According to the SEC, Green United’s miners never mined GREEN because GREEN is not a mineable crypto asset and the so-called Green blockchain does not exist. Green United’s real scheme was to deceive investors into buying S9 Antminers that were disguised as “Green Boxes.” Investors’ purchases were valid and “mined Bitcoin, but investors did not receive it.”
Quick access to 24/7
Quick access to more editor-selected real-time news
Exclusive video for free
FastBull VIPject team is dedicated to create exclusive videos
Follow More Symbols
You can add more symbols to your watchlist.
More comprehensive macro data and economic indicators
More comprehensive historical data on indicators to help analyze macro markets
Member-only Database
Comprehensive forex, commodity, and equity market data