Celsius co-founder and former CEO Alex Mashinksy said Celsius Earn’s accounts are not securities in his defense of the New York’s attorney general charges against him, according to a May 2 court filing.
New York attorney general classifies Celsius Earn accounts as securities
In its filing, New York’s attorney general Letitia James argued that Celsius Earn’s account constituted securities under the Martin Act.
According to the regulator, these accounts were securities because “investors deposited their cryptocurrency assets with Celsius with the expectation of receiving promised yields from Celsius’s efforts in deploying investors’ pooled assets.”
Mashinsky argues against it
However, Mashinsky countered that the bankrupt lender’s Earn product could not be classified as securities under the Martin Act or Howey’s test. According to him, New York’s allegations “merely parrot the three Howey prongs.”
Mashinsky argued that the complaints failed to plead a common ent
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