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New York Supreme Court Denies Bitfinex's Lack-of-Jurisdiction Claim
Bitfinex and Tether must continue turning documents about an alleged $850 million cover up over to the New York Attorney General (NYAG), a judge ruled Monday. New York Supreme Court Judge Joel M. Cohen ruled that the crypto exchange and stablecoin issuer would have to have to continue turning over documents about a loan the latter company made to Bitfinex, though the companies are expected to appeal the ruling. Cohen said the injunction would expire on Oct. 14, adding: “The Court disagrees with the Petitioner that it is (or can be) premature for the Court to determine whether it has jurisdiction to issue orders ... (full story)
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Decision + order on motion
Respondents seek to terminate this Martin Act action on the ground that the Court lacks personal and subject matter jurisdiction. 1 Specifically, they contend that their businesses (mainly, an off-shore cryptocurrency exchange and a “stablecoin” currency called “tether” purportedly backed by U.S. dollar reserves) do not have a connection to New York sufficient to trigger personal jurisdiction. They also contend that Petitioner’s “extraterritorial” investigation into their business activities (which they claim does not involve “securities” or “commodities”) is beyond the scope of her enforcement ... (full story)
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