Search Results for: U.S. District Court for the Southern District of New York

“The U.S. Department of Justice plans to discard a campaign finance charge against former FTX CEO Sam Bankman-Fried, after consultation with The Bahamas. The decision comes as the said charge wasn’t included in the previous year’s extradition document.”

The article discusses a legal case involving former FTX CEO, Sam Bankman-Fried, which might impact the crypto industry, and another case dealing with tax regulation on staked tokens. It points towards the need for balanced regulations, addressing individual issues without hindering industry growth.

“Alex Mashinsky, founder of crypto lending platform, Celsius, faces accusations of securities fraud, wire fraud, and conspiracy to influence the price of CEL, Celsius’ token. DOJ’s request for extra time to comb through Celsius’ records and communications could potentially reshape the regulatory landscape of the crypto industry.”

U.S. District Judge Analisa Torres referred the ‘SEC versus Ripple’ case to Magistrate Judge Sarah Netburn, signaling potential settlement discussions. Judge Torres dismissed the claim that Ripple broke the law by listing XRP on public exchanges, landmark progress suggesting XRP isn’t a security. However, speculation about XRP being sold as a security when Ripple marketed it to investors still prevails.

Coinbase, US-based cryptocurrency exchange, has temporarily halted staking services in four US states following SEC’s lawsuit accusing them of selling unregistered securities. Amid regulatory scrutiny, Coinbase argues that their staking services aren’t securities, challenging established legal protocols and definitions of investment contracts.

“A Federal Judge contended that the SEC’s case against Ripple Labs was deficient, significantly impacting the narrative around securities regulation in the crypto industry. This judgement doesn’t label Ripple’s XRP as a security, but questions the SEC’s success in regulating crypto. Urgency arises for clear regulatory framework in line with technology.”

The recent District Court ruling affirming that sale of XRP tokens did not constitute as investment contracts has reshaped the crypto market. This decision caused a swift escalation in XRP prices, leading to significant liquidations and $58 million in losses for XRP-tracked futures traders. This event has added complexity to the ongoing regulatory discourse surrounding cryptocurrencies.

Recently, judge Analisa Torres delivered a split decision in SEC v. Ripple Labs, implying legal ambiguity surrounding cryptocurrency tokens. She supported Ripple’s sales of tokens on asset exchanges while contesting institutional sales. This inconsistency leads to uncertainty in the crypto market, which can only be addressed by Congress stepping in to establish standardized regulations.

The U.S. Bankruptcy Court has allowed Celsius Network’s debtors to swap their altcoins for Bitcoin and Ether. This comes after Celsius’ bankruptcy filing following a $10 billion liability revelation. Post-acquisition by a crypto consortium, Fahrenheit, plans are underway for Celsius’ rejuvenation. Regulatory clampdown has encouraged the pivot from altcoins to Bitcoin and Ether.

In an ongoing lawsuit filed by the SEC, law firm Dentons argues that Terraform Labs’ algorithmic stablecoin UST is not a security but designed for practical use. The legal team highlights the “regulatory gap” in defining crypto assets as securities, with the US Congress still developing regulatory frameworks for digital assets and stablecoin issuance.

The SEC filed a lawsuit against Binance for allegedly violating federal securities laws, resulting in a decline of over 20% in top altcoins. Despite market unrest, experts still view Bitcoin and Ethereum as safer investment options. The outcomes of these lawsuits may influence future crypto regulations.

Terra co-founder Do Kwon faces a passport forgery case in Montenegro and has hired law firm Dentons for legal defense. The US SEC has accused Terraform Labs of fraud and sale of unregistered securities, leading to eight charges against Kwon. This highlights the complex regulatory landscape surrounding cryptocurrency and blockchain technology.

The U.S. Bankruptcy Court approved Voyager Digital’s liquidation plan, enabling the return of approximately $1.33 billion in crypto to customers. This marks the third bankruptcy plan for Voyager, following Binance.US’s withdrawal from a previous agreement. Initial customer payments will be made in crypto or cash, with future litigations possibly impacting further distributions.

A class action lawsuit against celebrities promoting bankrupt FTX gains momentum as connections to Florida emerge. The lawsuit accuses 12 celebrities of misleading customers in selling FTX yield-bearing digital currency accounts, causing over $11 billion in damages. This highlights the need for clearer regulations and diligence in cryptocurrency investments.

Voyager Digital declares self-liquidation and ceases operations after failed acquisition deals with FTX US and Binance.US. Customers face a low recovery rate, while the bankruptcy raises questions about crypto investment stability and the need for stringent regulations to maintain investor trust.