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Bitfinex and Tether Score Legal Victory Against NYAG

  • Alex Dovbnya
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    New York Judge Joel M. Cohen denies the NYAG's request to force Bitfinex to compile all documents

Bitfinex and Tether Score Legal Victory Against NYAG
Cover image via www.123rf.com

Flagship stablecoin issuer Tether and affiliate exchange Bitfinex are not required to collect documents that pertain to its $850 mln cover-up that was unraveled by the New York Attorney General's office (NYAG) back in April, Coindesk reports. 

At the end of September, New York Supreme Court Judge Joel M. Cohen announced that Bitfinex could stop turning over documents to the NYAG after the exchange appealed his prior decision that was made in favor of the NYAG's office. 

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Tether to Roll Out Yuan-Backed Stablecoin That Will Probably Enrage Chinese Regulators

Tether to Roll Out Yuan-Backed Stablecoin That Will Probably Enrage Chinese Regulators

As reported by U.Today, NYAG Letitia James took the crypto market by the storm on Apr. 26 by accusing Bitfinex of losing $850 and using Tether reserves in order to make up for the loss. This kickstarted a prolonging a neverending legal battle (both parties are expected to voice their arguments in early 2020). 

Tether's legal problems do not stop there. The company behind the coin with the highest trading volume was recently hit with a class-action lawsuit over alleged marked manipulations with the defendant's liability reaching a whopping $1.4 trln.

Bitfinex CTO Paolo Ardoino called this lawsuit "an attack on the entire industry."

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
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    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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