SEC Claims All of Ethereum Falls Under US Jurisdiction

The SEC filed a federal lawsuit against Ian Balina for his failure to register a cryptocurrency as a security before launching a 2018 initial coin offering. In the lawsuit’s 69th paragraph, the SEC claims it has the right to sue Balina not only because his case concerns transactions made in the United States, but also because, essentially, the entire Ethereum network falls under the US government’s purview. University of Kentucky law professor Brian Fyre says such a full-throated claim to jurisdiction over the entire Bitcoin ecosystem is unprecedented.

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