Former Commodity Futures Trading Commission chair and “Crypto Dad” Chris Giancarlo argued forcefully in a June 17 column that XRP is not a security but a currency under U.S. law. That’s a huge, potentially life-or-death question for Ripple.
Class action lawsuit against Block.one calls $4B ICO ‘biggest of all crypto frauds’
A lawsuit says the sale of EOS tokens ‘arises out of a fraudulent scheme, fueled by a global frenzy over cryptocurrencies and unchecked human greed’
Disgruntled investors have brought a class action lawsuit against Block.one, accusing the blockchain software firm of netting $4 billion through an illegal initial coin offering for an unregulated asset that became “virtually worthless.”
SEC shoots down Telegram’s TON blockchain
Well-known cryptocurrency lawyer Stephen Palley tells Modern Consensus that the Telegram Open Network blockchain’s demise will create headaches for projects funded in similar ways
Telegram CEO Pavel Durov announced on May 12 that his messaging platform’s active involvement with TON is over—using a blog post to lambast the U.S. judge who effectively stopped the project from going ahead.
Crypto faces ‘The man who took on Wall Street’
On the day before the statute of limitations expired, the lawyer who extracted $25 billion from banks over the subprime mortgage crisis sued 11 cryptocurrency firms for holding illegal ICOs
Eleven cryptocurrency issuers and exchanges including Tron, Block.one, and Binance were hit with class action lawsuits last week for holding or supporting initial coin offerings. Ominously, they were filed by a group of lawyers led by Philippe Selendy, who the Financial Times called “The man who took on Wall Street” after he forced 16 major banks including Citigroup, Goldman Sachs, and JPMorgan Chase to pay $25 billion for their part in the subprime mortgage crisis that sparked the Great Recession of 2007.