Judge Jed Rakoff gave a detailed interpretation of the Howey test that was at odds with the decision in the Securities and Exchange’s case against Ripple.
Authorities in the United Kingdom and France have also reportedly cited concerns over Worldcoin’s data collection methods, which involve collecting iris scans from users.
According to the SEC, Richard Heart allegedly used more than $12 million of investor funds to buy “a 555-carat diamond, expensive watches, and high-end automobiles.”