Category: Legal

Ripple faces a new class-action lawsuit over unregistered XRP sales in Florida

Ripple faces a new class-action lawsuit over unregistered XRP sales in Florida

A new class-action lawsuit has been filed against Ripple, its CEO Brad Garlinghouse and its subsidiary XRP II, LLC. Filed in the Middle District Court of Florida on Monday, the case alleges that the defendants sold “millions of dollars (or more)” of XRP without registering it either with federal or Florida authorities. “On numerous occasions, […]

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Crypto trader known as ‘Coin Signals’ charged in $5 million investment fraud case

Crypto trader known as ‘Coin Signals’ charged in $5 million investment fraud case

Federal prosecutors have charged a Rhode Island-based cryptocurrency trader for defrauding investors out of $5 million in investments in a Ponzi-like scheme. On Tuesday, the U.S. Department of Justice said that Jeremy Spence — known as “Coin Signals” allegedly defrauded investors between November 2017 and April 2019. Specifically, Spence is charged with commodities fraud and […]

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Yellen: US government should consider benefits of cryptocurrencies and digital assets

Yellen: US government should consider benefits of cryptocurrencies and digital assets

Treasury Secretary nominee Janet Yellen, who previously headed up the U.S. Federal Reserve, said in written testimony on Thursday that cryptocurrencies and digital assets have the potential to “improve the efficiency of the financial system.” As she noted in her written remarks: “Bitcoin and other digital and cryptocurrencies are providing financial transactions around the globe. Like […]

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Examining the STABLE Act Proposal, Part II

Examining the STABLE Act Proposal, Part II

Quick Take A controversial legislative proposal for the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act was recently announced by members of Congress, which could have extensive implications for digital assets if the bill were signed into law.  Our two-part series examines the STABLE Act Discussion Draft, those endorsing the potential legislation, reactions from the […]

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Lawyer for Bitfinex, Tether says firms are almost finished producing documents sought by NYAG

Lawyer for Bitfinex, Tether says firms are almost finished producing documents sought by NYAG

A new court filing indicates that the New York Attorney General has received much of the information it has sought from iFinex, the parent company of stablecoin issuer Tether and crypto exchange Bitfinex. The letter, penned by Steptoe partner Charles Michael, explains: “The Respondents have largely completed the document production and have produced a substantial volume material to […]

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IMF Says Only 23% of Central Banks Can Legally Issue Digital Currencies

IMF Says Only 23% of Central Banks Can Legally Issue Digital Currencies

Researchers at the International Monetary Fund (IMF) have examined the central bank laws of 174 IMF members to answer the question of whether a digital currency is really money. They found that of all the central banks studied, only about 23%, or 40 central banks, “are legally allowed to issue digital currencies.” IMF Explores if […]

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Fiat Freeway: The OCC addresses the use of Stablecoins for Payment Activities

Fiat Freeway: The OCC addresses the use of Stablecoins for Payment Activities

Quick Take ‘Fiat Freeway’ is a weekly column providing the latest updates on central bank digital currencies (CBDCs) and stablecoins.  This week’s column examines the most recent interpretive letter on digital assets from the U.S. Office of the Comptroller of the Currency’s (OCC). This research piece is available to members of The Block Genesis. You […]

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Examining the STABLE Act Proposal, Part I

Examining the STABLE Act Proposal, Part I

Quick Take A controversial legislative proposal for the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act was recently announced by members of Congress, which could have extensive implications for digital assets if the bill were signed into law.  Our two-part series will examine the STABLE Act Discussion Draft, those endorsing the potential legislation, reactions from […]

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