NY Legal Firm Launches Cryptocurrency Litigation Tracker
New York-based legal firm, Morrison Cohen LLP, has launched what it calls the 'Moco Cryptocurrency Litigation Tracker.' The tracker seeks to provide updates and information on all active legal proceedings in the United States involving cryptocurrency companies, yielding greater transparency regarding the legal embroilments of companies operating in the virtual currency industry.
Morrison Cohen Launches Cryptocurrency Litigation Tracker
The tracker has been described as offering increased transparency regarding the legal affairs of companies operating in the cryptocurrency industry – with prospective investors able to quickly ascertain as to whether or not a company is presently the subject of legal action. The tracker provides links to relevant documentation pertaining to listed proceedings, including 'rulings/orders of note[s]' relating to the cases.
Cease-and-Desist Orders Among Most Prevalent Proceedings
At present, 27 of the 63 listed cases are described as comprising 'Summary Suspensions/Cease and Desist Orders, 24 are described as 'Class Action and Other Private Litigation,' and 18 cases are 'Regulatory Litigation and Proceedings.
Morrison Cohen will also track the regulatory pronouncements of the Securities and Exchange Commission, Commodity Futures Trading Commission, Financial Industry Regulatory Authority, and the New York State Department of Financial Services, in addition to 'other regulatory announcements' including those made by executive order.
Complaints to Consumer Watchdog on Increase
40% of complaints originate from traders concerned by being unable to withdraw funds from a cryptocurrency platform, followed by complaints relating to transaction issues (20.5%), and allegations of fraud (11.7%).
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