Morrison Cohen LLP, a New York-based law firm is an international firm that specializes in all areas including international arbitration, real estate, mergers & acquisition, business law and now a leader in cryptocurrencies and blockchain technology. The company has recently launched a cryptocurrency litigation tracker called ‘MoCo Cryptocurrency Litigation Tracker.’
The law firm made an official announcement on its web portal that says,
“The MoCo litigation tracker will maintain a running list of regulatory list of regulatory actions, private litigation and regulatory pronouncements regarding cryptocurrency, initial coin offers and blockchain-related litigation.”
The litigation tracker has some astonishing cases which have resulted in drastic ruling as well. The litigation tracker was created in order to keep a track of trends, what lawyers and regulators are thinking to develop defenses on current actions and to prevent future litigations.
According to the litigation tracker, there are several cryptocurrency cases including litigations against Coinbase (with 4 litigations), Bitconnect (with 4 litigations), Bitfinex (with 1 litigation).
The legal against Bitfinex shows the case that was filed against it and the ruling of the court regarding the same. Bitfinex was charged with failing to register as a futures commission merchant and Illegal, off-exchange transactions by BFXNA. According to the ruling, Bitfinex had to pay a fine of $75000 and will not violate sections 4(a) and 4d of the Act, 7 U.S.C §§ 6(a) and 6(d) (2012) from hereon. Bitfinex has even agreed to not deny the acquisitions in public or elsewhere.
Alfred Sebastian, an ETH and XRP trader says,
“This litigation tracker is going to help so many people and especially the ones investing in ICO’s. People in the crypto-space will know what actions they can take if something goes down and will have a guess on how it will turn out to be.”
David Williams, a crypto-trader says,
“I like the idea of this. I might turn out to be quite helpful. With Bitcoin, ETH and others dropping right now, people would feel scammed. If this tracker actually works, it will help everyone in our space”
This litigation track will help to maintain transparency and spread awareness to all the people involved in cryptocurrency and otherwise.