{"id":1112,"date":"2018-01-11T11:31:37","date_gmt":"2018-01-11T16:31:37","guid":{"rendered":"https:\/\/www.silvermillerlaw.com\/?post_type=news&#038;p=1112"},"modified":"2023-06-12T10:48:56","modified_gmt":"2023-06-12T10:48:56","slug":"giga-watt-lawsuit-demonstrates-rescission-power-initial-coin-offering-investors","status":"publish","type":"news_posts","link":"https:\/\/www.silvermillerlaw.com\/press\/in-the-news\/giga-watt-lawsuit-demonstrates-rescission-power-initial-coin-offering-investors\/","title":{"rendered":"Giga Watt Lawsuit Demonstrates Rescission Power of Initial Coin Offering Investors"},"content":{"rendered":"<p>Some may have missed a distinctive feature of the\u00a0<a href=\"https:\/\/www.crowdfundinsider.com\/2018\/01\/126633-silver-miller-law-files-class-action-giga-watt-ico-claiming-sales-unregistered-securities\/\" target=\"_blank\" rel=\"noopener\">recently filed class action lawsuit by Silver Miller against Bitcoin mining company Giga Watt<\/a>, Inc.:\u00a0<strong>it is\u00a0<i>not<\/i>\u00a0a fraud suit.<\/strong>\u00a0It is a suit for rescission (return of invested funds, with interest) based on the company\u2019s having failed to register its pre-sale of tokens as an offering of securities with the SEC., under a \u201cstrict liability\u201d provision of the Securities Act. (<i>STORMSMEDIA LLC v, Giga Watt, Inc., 2:17-cv-00438-SMJ, U.S. Dist. E.D. Wash<\/i>.)<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">While the complaint does allege that\u00a0<a href=\"https:\/\/giga-watt.com\/\" target=\"_blank\" rel=\"noopener\">Giga Watt<\/a>\u00a0misrepresented facts to purchasers, and failed to keep funds in escrow until used as promised, the plaintiffs will not need to prove deception, scienter or any of the other elements of fraud to obtain court-ordered rescission.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Issuers of cryptocurrency and other tokens generally know that, if they are offering securities, they must register with the SEC or design their sale to conform to an exemption under the Securities Act.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Focusing on SEC enforcement concerns, token issuers who believe they are not offering securities will often obtain a \u201cutility token\u201d opinion from legal counsel, which typically concludes that the tokens are property, are not securities, and are not covered by the Securities Act.<\/span><\/p>\n<p style=\"text-align: center;\">Read the Full Article<\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.crowdfundinsider.com\/2018\/01\/126885-giga-watt-lawsuit-demonstrates-rescission-power-initial-coin-offering-investors\/\">Giga Watt Lawsuit Demonstrates Rescission Power of Initial Coin Offering Investors<\/a><\/p>\n","protected":false},"featured_media":1798,"template":"","meta":{"_acf_changed":false,"_links_to":"","_links_to_target":""},"news_categories":[],"class_list":["post-1112","news_posts","type-news_posts","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - 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