Patrick Daugherty Quoted on Default Ruling in SEC Crypto Insider Trading Case

Foley & Lardner LLP partner Patrick Daugherty is quoted in the Cointelegraph article, “Judge supports SEC securities claim in default order in Coinbase insider trading case,” offering insight on a recent ruling in a cryptocurrency company insider trading case.

“Judge Lin misstates the core holding of SEC v. W.J. Howey Co. because she neglects to mention the Supreme Court’s requirement of a ‘contract, transaction or scheme’ (quoting the Howey case itself),” Daugherty explained. “Without a contract, transaction or scheme, there is no ‘investment contract,’ period.”