Law School Case Briefs
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Hodges v. Harrison
District Court, S.D. Florida (2019) | 372 F. Supp. 3d 1342
TL;DR: A promoter solicited investments for a cryptocurrency Initial Coin Offering (ICO) that never launched. The court applied the Howey test, finding the ICO tokens were unregistered securities and holding the promoter personally liable for violating federal and state securities laws.
Legal Significance: This case is an early and influential application of the Howey test to Initial Coin Offerings (ICOs), affirming that cryptocurrency tokens sold with the promise of future profits based on a promoter's efforts are securities subject to registration requirements.