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Independent legal review has stated; DigiByte Coin is not a security according to Howey Test Parameters.
New York, NY – July 19, 2018: Uncertainty surrounds the regulation and legal determination of cryptocurrencies. The overall tone of regulators is positive, promoting the innovation that the blockchain has to offer. There have, however, also been warnings issued for main street investors, market professionals and market participants.
SEC Chairman Clayton has specifically cautioned market participants against “promoting or touting the offer and sale of coins without first determining whether [the] securities laws apply to those actions.”
It is in the spirit of cooperation with the SEC’s recommendations and to assist responsible participants in their due diligence, the DigiByte Awareness Team (DGBAT) has obtained an independent legal opinion to formally verify that the DigiByte Coin is not a security.
According to the opinion letter of Riveles Wahab LLP, Attorneys at Law, DigiByte Coins do not constitute a security in accordance with the parameters set forth by the Howey Test and recent guidance from the SEC.*
Rudy Bouwman, DGBAT Founding Member, stated, “The results of this inquiry do not come as a surprise to the DigiByte community. While we are happy to share this information, we maintain that this is not investment advice. We encourage all participants in this space to practice caution and make informed decisions.”
About The DigiByte Awareness Team (DGBAT):
The DGBAT Team is an organized DigiByte Community driven marketing initiative.
The goal is to help the community and to serve as a bottom-up grassroots awareness campaign. For more information on the DigiByte Awareness team and specific inquiries please contact [email protected].
*For the full legal opinion, please visit: https://www.dgbat.org/legal-opinion/
To learn about the DigiByte Blockchain, please visit: https://digibyte.io