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The US crackdown on stablecoins is targeting Tether first
The judge in the class-action lawsuit filed against Tether, the issuer of the most capitalized stablecoin USDT and crypto exchange Bitfinex, has granted motions to dismiss many of the claims in the case.
Altogether, Judge Failla granted motions to dismiss five complete claims and part of one, while denying six others. The judge stated that she would not allow investors to bring claims against Tether and Bitfinex under the Racketeer Influenced and Corrupt Organizations Act RICO , nor allegations related to racketeering or using the proceeds of racketeering for investments.
Read: Tether executives could face criminal charges. While Bitfinex and Tether had settled the case with the Office of the New York Attorney General in February over mismanagement of USDT reserve funds, the civil action with a group of aggrieved cryptocurrency investors continues. Read: Crypto: Why Tether became a U.
For further inquiries about this article, contact: Email: Ajibola. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Home Markets Cryptos. Tether scores win in class action lawsuit by Ajibola Akamo. September 30, Share on Facebook Share on Twitter.
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Suburban high life, with cats. Every single one of which is backed by … something. The Block obtained a Bitfinex court transcript from 16 May, and it seems Tether has been backing tethers with Bitcoins. And if Tether have the cash on hand, which they might not. And if they feel like it. Amy Castor and Bennett Tomlin have analyses. Each stable coin is a token representing the horse that produced it. Pure coincidence, but that 5, BTC dump on Bitstamp last week just happened to be only a few hours after the Bitfinex hearing.
Untethered
A popular question has sprouted up among hardline cryptocurrency advocates and mainstream investors alike: how can the government regulate Bitcoin and its alternatives? To explore this question we first must understand that Bitcoin and most other ICO issued tokens are in fact decentralized. What does this mean? In essence, the supply of cryptocurrency tokens is not set by a central authority or government.
Cryptocurrency Fraud
It looks like Reginald Fowler, the man tied to hundreds of millions of dollars of missing Tether and Bitfinex money, has ditched plans for renegotiating a plea deal. Instead, he is planning to head to trial. Prosecutors are requesting a trial date in early February with pretrial motions beginning in October. The trial is expected to last two weeks. Here is the order.
Why Washington Worries About Stablecoins
Tether and Bitfinex — a popular digital currency exchange — are owned by the same company, Ifinex. Tether and Bitfinex will be required to cease trading activity with New Yorkers and submit quarterly transparency reports, the attorney general's office said. It's a major development in the crypto industry and concludes a long-running legal battle that started in April Tether is the company behind a well-known "stablecoin" of the same name. That token is meant to be backed one-to-one by U.
Please change the wallet network. Change the wallet network in the MetaMask Application to add this contract. United States Dollar. Tether is up 0.
There is a gap in the regulation of crypto-assets that Congress needs to fix. The gap is contributing to fraud and weak investor protection in the distribution and trading of crypto-assets. Massad discusses how better regulation will benefit crypto investors, further the development of new technologies, curtail the use of crypto-assets used for illicit payments, and reduce the risk of cyber attacks, which can result in collateral damage elsewhere in our financial system. Crypto-assets cut across current jurisdictional boundaries and thus fall into gaps between regulatory authorities.
According to the order , CoinAlpha formed a fund in October with the aim of investing in digital assets. The investors purchased limited partnership interests in the fund in exchange for a pro rata share of any profits from investments in digital assets. CoinAlpha filed a "Notice of Exempt Offering of Securities" with the SEC in November , but it was not eligible for an exemption from registration and never registered with the SEC "in any capacity", so in effect it was in breach of federal securities laws. The court order also states that CoinAlpha did not take reasonable steps to verify that its investors were accredited. When contacted by the SEC, CoinAlpha immediately stopped the offering and undertook a review of its website, social media postings and marketing material and offering procedures, which it had been using to promote the fund. CoinAlpha also voluntarily reimbursed all the fees it had collected and made payments to ensure that no investors suffered a loss. The company also submitted a settlement offer, which the SEC has accepted in consideration of CoinAlpha's remedial actions and co-operation.
Paolo Ardoino says Tether hasn't done anything to warrant any additional investigations from the SEC. Paolo Ardoino, the outspoken chief technology officer of Bitfinex, took to Twitter this week to dispel concerns that Tether could be the next target of the United States Securities and Exchange Commission. Less regulated is just FUD. Ask yourself who benefits from spreading such misinformation?
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