In an expert analysis published by Law360, Partners Andrew Rhys Davies and Jessica Lewis explore how the Second Circuit’s March decision in Williams v. Binance highlighted the limitations of SCOTUS’ Morrison v. National Australia Bank Ltd. decision when applied to digital-asset transactions.
Excerpt: “Morrison tried to draw a bright line between foreign and domestic transactions to replace the unpredictable conduct-and-effects test that previously dictated when the federal securities laws might apply to transactions with a foreign component. But if the promise of Morrison was a predictable way to determine the geographical reach of the federal securities laws, the rise of decentralized transactions in digital assets has called that promise into question.”
