Crypto Co. Status Research Seeks Nix Of Securities Suit

Law360 (December 4, 2020, 7:26 PM EST) — Swiss blockchain technology company Status Research asked a New York federal judge Thursday to toss a proposed class action, saying the complaint is “cookie cutter” as it’s one of 11 crypto-asset exchanges and digital token issuers accused of offering and selling billions of dollars’ worth of unregistered tokens.

Status Research & Development GmbH’ and its co-founders Carl Bennetts and Jarrad Hope, foreign nationals living abroad, sold an unregistered token called the Status Network Token — SNT — in an initial coin offering in June 2017, according to the complaint.

But plaintiff Joel Deutsch is a Florida resident who didn’t participate in…

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