1. Home
  2. court

court

Judge reduces Ethereum dev’s prison sentence by 7 months

Virgil Griffith could be eligible for release as early as January 2025 after pleading guilty to violating US sanctions on North Korea.

A federal judge has granted a motion to reduce the sentence for former Ethereum developer Virgil Griffith, who pleaded guilty to violating sanctions on North Korea.

In a July 16 filing in the United States District Court for the Southern District of New York, Judge Kevin Castel signed off on an order reducing Griffith’s previously imposed sentence of 63 months in prison to 56 months. Judge Castel said the sentence would be effective as of Aug. 2, suggesting he would be eligible for release in January 2025.

Griffith spoke at a cryptocurrency and blockchain conference in the North Korean capital city of Pyongyang in 2019, giving more than one presentation about how the country could use crypto to evade sanctions and for money laundering. He pleaded guilty in 2021 before his criminal trial was expected to begin, and in April 2022, he was sentenced to 63 months in prison and ordered to pay a $100,000 fine.

Read more

Total Liquidity Pledge to HTX DAO Hits $42.5M After 2nd Round – Bolstering Decentralized Ecosystem

Judge has ‘strong views’ about Coinbase inquiry into Gensler’s private msgs

Judge Katherine Polk Failla said she would hear from SEC and Coinbase lawyers on July 15 whether SEC Chair Gary Gensler’s private communications on crypto were fair game.

A federal judge overseeing the US Securities and Exchange Commission (SEC) case against Coinbase suggested that the cryptocurrency exchange may be unable to inquire into Gary Gensler’s private communications before he led the commission. 

In a July 11 hearing in the US District Court for the Southern District of New York, Coinbase lawyers argued they should be able to view data on Gensler’s personal devices after the SEC provided no explicit assurances on his communications with market makers. The SEC’s legal team asked Judge Katherine Polk Failla to quash the subpoena into Gensler’s personal communications, as the chair was “not a fact witness” and “not an expert witness on the law” in the Coinbase case.

“We’re unable to get information from the SEC,” said Coinbase lawyers, according to reporting from Inner City Press. “The time period before, we included because we tried to engage with Mr. Gensler and the SEC, but they’ve refused to say he didn’t use his personal device to communicate about crypto.”

Read more

Total Liquidity Pledge to HTX DAO Hits $42.5M After 2nd Round – Bolstering Decentralized Ecosystem

Supreme Court ruling ‘changes the game’ for US crypto firms

The high court’s decision further bolsters the argument “that Congress, not an agency, should decide if — and how — to regulate Web3.”

The impact of the United States Supreme Court’s Loper Bright vs. Raimondo decision is potentially profound for the cryptocurrency industry. 

At the highest level, it may nudge the balance of power between the judicial and executive branches of the US government.

As a result of the 6–3 decision, US courts will no longer be required to “defer” to federal agencies when interpreting ambiguous statutes — as had been the case since the high court’s Chevron USA Inc. vs. Natural Resources Defense Council ruling in 1984.

Read more

Total Liquidity Pledge to HTX DAO Hits $42.5M After 2nd Round – Bolstering Decentralized Ecosystem

CFTC chair reiterates BTC and ETH are commodities in testimony

The head of the US commodities regulator, Rostin Behnam, has again argued that the agency should be given regulatory oversight of Bitcoin and Ethereum to better protect investors.

The United States commodities regulator chief has again argued that Bitcoin and Ether — the two largest cryptocurrencies by market cap — are commodities, and his agency should be given oversight of them. 

Speaking on July 9 before the US Senate Committee on Agriculture, Nutrition, and Forestry, the Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam argued that a recent court ruling in Illinois stated that Bitcoin (BTC) and Ether (ETH) are commodities.

The July 3 ruling was part of a $120 million Ponzi case involving an Oregon man accused of fraud. In the order, the Illinois district court judge said both assets qualified as commodities.

Read more

Total Liquidity Pledge to HTX DAO Hits $42.5M After 2nd Round – Bolstering Decentralized Ecosystem

Sentencing for ex-FTX execs set for October, November

Former FTX executives Nishad Singh and Gary Wang, who both testified at Sam Bankman-Fried’s criminal trial, are scheduled to be sentenced later this year.

A federal judge who oversaw the trial of former FTX CEO Sam “SBF” Bankman-Fried has scheduled sentencing hearings for FTX co-founder Gary Wang and former engineering director Nishad Singh.

In a July 9 docket entry in the US District Court for the Southern District of New York, Judge Lewis Kaplan said Singh’s sentencing would be held on Oct. 30, and Wang’s was set for Nov. 20. There was no mention of Caroline Ellison, the former CEO of Alameda Research who testified at SBF’s 2023 trial, at the time of publication.

Wang and Ellison were among the first to plead guilty to charges related to their roles in the collapse of the now-defunct cryptocurrency exchange FTX in 2022. Singh pleaded guilty to multiple felony counts, including fraud and money laundering, in February 2023. The three former executives testified against Bankman-Fried in his criminal trial, which likely contributed to Judge Kaplan sentencing the former CEO to 25 years in prison. 

Read more

Total Liquidity Pledge to HTX DAO Hits $42.5M After 2nd Round – Bolstering Decentralized Ecosystem

Judge dismisses coders’ DMCA claims against Microsoft, OpenAI and GitHub

The partial dismissal indicates complainants failed to demonstrate that GitHub reproduces human-created code.

The judge overseeing a billion-dollar class action lawsuit against GitHub, OpenAI, and Microsoft over the alleged unauthorized use of intellectual property (IP) to train the “GitHub Copilot” artificial intelligence (AI) coding software has partially dismissed the claims against the defendants.

This marks a win for big tech and the generative AI industry, which currently faces a number of related lawsuits.

The lawsuit’s complainants had alleged that OpenAI “scraped” GitHub and used human-created coding snippets to train GitHub Copilot without permission, compensation, or credit. According to the lawsuit, Copilot reproduced human-generated code line-for-line and, as such, the complainants were apparently seeking compensation in the amount of $1 billion.

Read more

Total Liquidity Pledge to HTX DAO Hits $42.5M After 2nd Round – Bolstering Decentralized Ecosystem

Former US solicitor general claims regulators want to ‘debank’ crypto

Several parties have filed amicus briefs with the appellate court in support of Custodia Bank receiving approval for a master account from the Federal Reserve.

Donald Verrilli, who served as the solicitor general of the United States from 2011 to 2016, has claimed in an appellate filing that federal regulators were engaged in “aggressive, coordinated efforts to ‘debank’ the digital asset industry.”

In a July 3 amicus brief with the U.S. Tenth Circuit Court of Appeals. Verrilli represented the Blockchain Association in support of an appeal from Custodia Bank. After a March decision in U.S. District Court for the District of Wyoming, Custodia appealed to the Tenth Circuit challenging the Federal Reserve from denying the bank access to a master account.

Custodia applied for a master account in October 2020 and filed a lawsuit against the central bank in June 2022 over allegations that the Fed engaged in an “unlawful delay” in processing its application. The Fed rejected Custodia’s application in 2023, citing the bank’s connections to the crypto space in its decision. In March 2024, a judge supported the Fed’s decision, denying Custodia an opportunity to have its application reviewed.

Read more

Total Liquidity Pledge to HTX DAO Hits $42.5M After 2nd Round – Bolstering Decentralized Ecosystem

Judge signs off on expedited schedule for Consensys suit against SEC

While Judge Reed O’Connor granted the SEC an extension to respond to Consensys’ lawsuit, he also approved a timeline for considering the case’s merits proposed by the firm.

A federal judge overseeing software firm Consensys’ lawsuit against the United States Securities and Exchange Commission (SEC) and its commissioners has greenlighted a timeline for the court to consider the case’s merits.

In a July 1 filing in the U.S. District Court for the Northern District of Texas, Judge Reed O’Connor granted a motion requiring SEC and Consensys lawyers to file opening and opposition briefs by September and November, respectively. The judge also granted the SEC a 28-day extension to respond to the complaint.

As part of Judge O’Connor’s timeline, all five SEC commissioners and the regulator will need to file answers by July 29, with reply briefs filed by Nov. 26. Bill Hughes, Consensys’ senior counsel and director of global regulatory matters, said in a July 2 X post that he expected a ruling on the case to happen around December.

Read more

Total Liquidity Pledge to HTX DAO Hits $42.5M After 2nd Round – Bolstering Decentralized Ecosystem

Roaring Kitty GME class action lawsuit dropped after 3 days

A GameStop investor who accused Roaring Kitty of committing securities fraud has voluntarily dropped the complaint "without prejudice" meaning he can file another similar lawsuit again in the future.

A GameStop (GME) investor who sued Keith ‘Roaring Kitty’ Gill over alleged securities fraud has dropped his lawsuit just three days after filing it. 

Plaintiff Martin Radev dropped the suit on June 1 after submitting a voluntary motion to dismiss in the Eastern District Court of New York.

It’s not clear why the lawsuit was dropped so quickly and the law firm representing Radev — Pomerantz Law — did not immediately respond to Cointelegraph’s request for comment.

Read more

Total Liquidity Pledge to HTX DAO Hits $42.5M After 2nd Round – Bolstering Decentralized Ecosystem

SEC Asks Court to Quash Coinbase Subpoena in Legal Clash Over Crypto Regulations

SEC Asks Court to Quash Coinbase Subpoena in Legal Clash Over Crypto RegulationsThe U.S. Securities and Exchange Commission (SEC) has asked the court to quash a subpoena issued by crypto exchange Coinbase that demands documents related to the crypto markets and personal communications of SEC Chair Gary Gensler. The SEC argues that the subpoena is irrelevant and imposes undue burden. SEC Seeks to Quash Coinbase Subpoena in […]

Total Liquidity Pledge to HTX DAO Hits $42.5M After 2nd Round – Bolstering Decentralized Ecosystem