A Federal district judge in Brooklyn Deary Raymond (Raymond Dearie) in the case of fraud with cryptocurrencies associated with the activities of the companies of a new York businessman of Ukrainian origin Maxim Zaslavsky, said that the securities laws should be construed “flexibly,” and ruled that the ICO in the context of criminal law can be considered under U.S. securities legislation.

This decision allowed Federal prosecutors to move the trial against the arrested person in November of last year the businessman offered to citizens allegedly secured by real estate investments and digital currency diamonds.

We will remind, the Commission on securities and exchange US (SEC) found that Maxim Zaslavsky attracted investments in securities without registering the tokens as such. The tokens REcoin and Diamond were not provided, as organizers have announced the ICO nor the real estate to diamonds. In addition, fees in the offering REcoin totaled $300 thousand, while the businessman claimed that received $2-4 million

However, a year ago, Zaslavsky said that the SEC allegations unfounded. In March this year, his lawyers asked the judge to dismiss the charges against their client, arguing that REcoin and Diamond were the currencies, not securities and cannot be considered under laws relating to securities.