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Tether to File Motion to Dismiss Class Action Lawsuit Based on NYAG Claims

Tether has released a letter of intent saying that it plans to file a motion to dismiss the lawsuit that claims it manipulated the crypto market. The class action lawsuit seeks retribution for damages of more than $1 trillion. It’s based on an allegation made by the New York Attorney General’s office in April that USDT was not backed 1:1 by U.S. dollars and a study published by professors at the University of Texas at …

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Kik Suffers Setbacks With ‘Void for Vagueness’ Defense in SEC Case

Kik is struggling to mount a strong defense in a case brought by the U.S. Securities and Exchange Commission (SEC) over its $100 million initial coin offering. As reported last month, Toronto-based Kik’s legal team attempted to persuade the district court of the Southern District of New York that the SEC’s case – alleging the 2017 token sale violated securities laws – was void based on the premise that the legal definition of an “investment contract” is …

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The SEC Has Rejected Every Bitcoin ETF. This Firm Thinks It Has a Solution

One company thinks it knows how to get a bitcoin exchange-traded fund (ETF) approved by U.S. regulators. Wilshire Phoenix, a relatively young financial firm in New York, filed to launch the United States Bitcoin & Treasury Investment Trust ETF in May with NYSE Arca. At that point, a dozen bitcoin ETF proposals had already been swatted down by the U.S. Securities and Exchange Commission (SEC) – including nine in one day. But unlike other ETF applications, …

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Tassat Is One Step Closer to Offering Crypto Derivatives With CFTC Approval

Tassat Derivatives has successfully acquired a swap execution facility (SEF) registration after securing regulator sign-off. The U.S. Commodity Futures Trading Commission (CFTC) announced Thursday that it had approved the transfer of a SEF registration from trueEX LLC to Tassat on Nov. 6, nearly four months after the two companies reached an “agreement in principle.” TrueEx was first granted the registration in January 2016. Tassat, formerly known as trueDigital Holdings, said in July that it was …

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Investor Lawsuit Argues Ripple Still Has to Answer Over Ongoing XRP Sales

Ripple’s argument that an XRP holder waited too long to file suit has no precedent, a new legal filing claims. Bradley Sostack, the plaintiff in a putative class-action lawsuit, said Ripple’s statute of repose – a three-year period where victims can claim alleged wrongdoing – does not immunize the defendant from securities laws due to the on-going sales of XRP. In a new legal filing made public late on Monday, Sostack claimed Ripple’s monthly sale of XRP out …

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What’s Next in the Securities Case Against Ripple Over XRP

The Takeaway: Monday is the deadline for an XRP holder to file a response to Ripple’s motion to dismiss his suit against the company. That motion largely sidestepped the plaintiff’s argument that Ripple sold XRP as an unregistered security, instead contesting the case on procedural and evidentiary grounds. The suit is unlikely to settle the security question. While Ripple presented a strong defense, the case is likely nowhere near complete, and the company will remain …

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SEC Blasts Kik’s ‘Void for Vagueness’ Defense of 2017 ICO

The Securities and Exchange Commission (SEC) said Kik’s August defense of its $100 million initial coin offering (ICO) was “untenable” and is asking judges to toss it. A discovery motion filed Monday further raised the stakes, following the SEC’s 49-page filing Friday – the latest play in a legal chess match with sweeping potential ramifications for tokens and securities law, and one seeking, more specifically, to determine whether Kik’s 2017 ICO was lawful. In Friday’s filing, …

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Bitfinex Denies Laundering, Says It’s a Victim of ‘Fraud’ by Crypto Capital

Bitfinex says it was conned. The crypto exchange and sister company of Tether claimed Friday that it was the “victim of a fraud” at the hands of Crypto Capital, a payment processor that allegedly lost $880 million of Bitfinex’s money. Crypto Capital’s president, Ivan Manuel Molina Lee, was arrested Thursday by Polish police on charges of money laundering. Authorities had written that Molina Lee’s crimes included “laundering dirty money for Columbian drug cartels using a …

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Another AT&T SIM Swapping Hack Targets Trio of Crypto Execs

A crypto executive is suing AT&T over a SIM swapping hack that he claims cost him $1.7 million in digital assets in a hit aimed at three executives attending Consensus 2018 Head of strategy for VideoCoin Seth Shapiro alleged in his lawsuit, filed Oct. 17  in U.S. District Court for the Central District of California, that the cell carrier granted hackers repeated access to his SIM card in May 2018, allowing them to clear out …

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Zuckerberg: Facebook Would Quit Libra if the Association Launched Prematurely

WASHINGTON – Facebook CEO Mark Zuckerberg told lawmakers that the company would pull out of the Libra Association in the event the consortium launched its proposed cryptocurrency without all needed regulatory approvals. In a hearing of the House Financial Services Committee Wednesday, Zuckerberg fielded pointed questions on a variety of controversial issues around the social network, from election meddling to housing discrimination to deepfakes. But Libra, the proposed price-stable cryptocurrency Facebook conceived and set up …

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