In Binance v. Anderson, a crypto-asset exchange asks the Supreme Court to review a Second Circuit decision allowing federal and state securities law claims to proceed against it. Binance argues that the Second Circuit misapplied Morrison v. National Australia Bank (2010), which held that § 10(b) applies only to securities transactions in the United States.
Second Circuit Allows Securities Claims Against Crypto-Asset Exchange
In Morrison v. National Australia Bank (2010), the U.S. Supreme Court applied the presumption against extraterritoriality to § 10(b) of the Securities Exchange Act, holding that this provision applies only to transactions in the United States. Morrison’s transactional test has proven difficult to apply to unlisted securities that do not trade on an exchange. In…
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