In a recent statement, Blockchain Association lawyer Marisa Tashman Coppel provided information about the latest developments in crypto litigation. At work cryptocurrency A summary of important cases affecting the world and their current status.
SEC vs. coinbase
Last week, the court partially granted Coinbase’s motion for judgment on the allegations, rejecting the SEC’s argument that Coinbase Wallet functions as an unregistered intermediary. According to the lawyer, this is a significant achievement for developers working on DeFi and peer-to-peer technology. The court denied Coinbase’s request for the remainder of the SEC’s claims; This means they can proceed to the discovery process, where the facts will emerge before a decision on summary judgment.
Custodia Bank vs. Fed
The court unfortunately denied Custodia Bank’s motion for summary judgment on Friday and dismissed Custodia’s claims against the Kansas City Federal Reserve and the Federal Reserve Board. Custodia first filed suit after the Kansas City Fed rejected its master account application and revealed questionable facts regarding coordination between the Board and the Kansas City Fed. An appeal may be possible.
CFTC vs. KuCoin
On March 26, the CFTC filed a lawsuit against KuCoin. The lawsuit alleges that KuCoin unlawfully performed various functions to mediate transactions involving digital asset commodities, including ETH. This claim echoes previous CFTC statements and is the latest chapter in an ongoing jurisdictional battle between the SEC and CFTC.
Beba Collection & DeFi Education Fund etc. SEC and LEJILEX vs. SEC
On March 25, DeFi Education Fund and Beba Collection filed a lawsuit against the SEC, challenging the SEC’s assertion of jurisdiction over digital assets. Similarly, LEJILEX and the Crypto Freedom Alliance of Texas filed suit with the SEC to challenge regulation of digital assets that specifically focuses on secondary market transactions.
SEC vs. Debt Box
SEC vs. March 18. In the Debt Box case, SEC attorneys were punished for abusing the judicial process in trying to obtain a temporary restraining order (TRO). The court found that the SEC acted in bad faith and misled the court.
MFA vs. SEC
Also on the 18th, the Managed Funds Association (MFA), joined by several other organizations, filed a motion in the Northern District of Texas to repeal the SEC’s recently finalized “Dealer Rule,” which significantly expands the definition of “dealer.” filed a lawsuit. MFA’s lawsuit focuses on the rule’s impact on hedge funds.
ShapeShift
On March 5, ShapeShift reached a settlement with the SEC over allegations that they operated as an unregistered brokerage firm. ShapeShift agreed to cease all conduct that gave rise to the allegations and pay a $275,000 penalty.
genesis
Most recently, Genesis reached a $21 million settlement with the SEC regarding its Gemini Earn program.
*This is not investment advice.
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