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Regulations
Morrison Cohen LLP, a New York-based law firm, has launched what he calls "Moco Cryptocurrency Litigation Tracker". The tracker seeks to provide updates and information on all legal proceedings in the United States involving cryptocurrency companies, offering greater transparency regarding the legal problems of companies operating in the virtual currency sector.
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Morrison Cohen launches Cryptocurrency Litigation Tracker
At the time of writing this document, Morrison Cohen's Cryptocurrency Litigation Tracker shows information on 63 proceedings in the United States. Cases are ordered chronologically and sorted according to the nature of the dispute in question.
The tracker has been described as greater transparency regarding the legal affairs of companies operating in the cryptocurrency sector: with potential investors able to quickly ascertain whether a company is currently the subject of legal action. The tracker provides links to the relevant documentation related to the procedures listed, including "rulings / note orders[s]"Related to the cases.
Orders ceased and desistent among the most important acts
At present, 27 of the 63 cases listed are described as including "Summary Suspensions / Termination and Withdrawal Orders, 24 are described as" Class Action and other Private Disputes "and 18 cases are" Litigation and Regulatory Procedures ".
Morrison Cohen will also follow the regulatory declarations of the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Financial Industry Regulatory Authority and the Department of Financial Services of the State of New York, as well as "other regulatory announcements" including those issued by the executive order.
Complaints to Consumer Watchdog on the rise
At the beginning of this month, the consumer research group, Valuepenguin, published a report stating that the number of consumer complaints involving cryptocurrency companies deposited at the U.S.A. Consumer Financial Bureau increased 669% after the post-December 2017 crash in the cryptocurrency markets.
40% of complaints originated from economic operators affected by the impossibility of withdrawing funds from a cryptocurrency platform, followed by complaints related to transaction problems (20.5%) and fraud accusations (11.7%).
He thinks that greater transparency regarding the legal affairs of cryptographic companies will help potential investors to make informed decisions
Images courtesy of Shutterstock, Morrison Cohen
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