Altcoin News by Thebittimes.Com

The request was denied by US District Judge Lewis Kaplan, who characterized it as a "fishing expedition" lacking justification. Sam Bankman-Fried, the co-founder of FTX, has been denied his request to obtain documents from a Silicon Valley law firm, Fenwick & West LLP, as part of his defense strategy in his ongoing federal fraud case, Bloomberg reported. Bankman-Fried had hoped to use these documents to support his claim that he relied on legal advice while engaging in the activities for which he is currently facing prosecution . In a recent development, Bankman-Fried's legal team approached the judge overseeing the case, urging the prosecution to hand over the documents obtain ed from Fenwick & West or to allow them to be obtain ed directly through a subpoena. However, US District Judge Lewis Kaplan dismissed the request, calling it as "fishing expedition" that would not be justified. In preparation for his defense, Bankman-Fried's legal tea...

The SEC is suing the cryptocurrency exchange for alleged unregistered securities offerings. According to a state ment published by the Alabama Securities Commission on June 6, a multi- state task force comprising of state regulators from Alabama, California, Illinois, Kentucky, Maryland, New Jersey, South Caroline, Vermont, Washington, and Wisconsin have issued a Show Cause Order against cryptocurrency exchange Coinbase. The order alleges that "Coinbase violates the securities law by offering its staking rewards program accounts to Alabama residents without a registration to offer or sell these securities." In particular, the order gives Coinbase 28 days to show cause why they should not be directed to cease and desist from selling unregistered securities in Alabama. The same day, Coinbase received a lawsuit notice from the U.S. Securities and Exchange Commission alleging the offering of unregistered securities. According to regulators :  "Coinbase takes a cut of t...

The plaintiff's brought up Musk’s Saturday Night Live appearance in 2021, where he portrayed "a fictitious financial expert" and called Dogecoin “a hustle,” resulting in a steep price decline minutes later. Elon Musk and his lawyers reportedly requested a United States judge this week to dismiss the $258 billion lawsuit filed by investors who alleged that he operated a pyramid scheme to promote the cryptocurrency Dogecoin (DOGE). According to an April 1 Reuters report, Elon Musk's lawyers stated that the lawsuit against Musk – which was filed by Dogecoin investors in June 2022 – a “fanciful work of fiction," in Manhattan's federal court on March 31. Musk's lawyers explained that his support shown for Dogecoin on social media – including comments such as “Dogecoin Rulz” and “no highs, no lows, only Doge” – was “too vague” to warrant a fraud claim. The lawyers noted: “There is nothing unlawful about tweeting words of support for, or funny pictures about, a...

Blockchain technology is making its way into the court system, with digital summons being served with NFTs. RBB Lab, a technology development firm based in the Republic of San Marino, has utilized nonfungible token (NFT) technology to issue a court summons to a former employee and a contractor. RBB Lab CEO Enrico Rubboli told Cointelegraph that it summoned the two individuals to the Judiciary of Italy on claims of attempted extortion and aggravated defamation of the firm. The summons was “an order restriction that we are asking them to stop this campaign against us,” said Rubboli. This is the first time that an NFT has been used to deliver a court summons in Italy. If this technology catches on, it could mean big changes in how Italy handles legal cases in the future. The RBB team says that serving a summons via the blockchain is more efficient than the traditional process, which can take weeks. Rubboli, said, “The goal is to streamline the process and make it more efficient,” adding...