Connecticut jury finds crypto-related products are not securities
A Connecticut Jury has found that digital assets linked to cryptocurrencies are not securities in what a defense lawyer called a world-first verdict.
GAW Miners investor Stuart Fraser was cleared of liability in a fraudulent operation co-opted by ZenMiner LLC on Nov. 1.
"It's the first case that we know of where a jury addressed whether cryptocurrency products were securities," one of the defendant’s representatives, Daniel Weiner from Hughes Hubbard & Reed LLP, told Law360.
The case against GAW Miners has been underway since 2017, when co-founder Homero Joshua Garza pled guilty to wire fraud. This left Frazer, a 41% investor in GAW, as the sole remaining defendant in the case.
Initially, GAW sold physical mining hardware but soon teamed up
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