Courts wrestling with how to determine if transaction was in US
Crypto investor class members can differ in transaction locations
A federal judge’s recent refusal to approve Block.one’s $27.5 million settlement with investors highlights challenges facing cryptocurrency investors trying to recoup their money in class action lawsuits against companies based outside the US.
Block.one, a blockchain-technology developer based in the Cayman Islands, agreed to the settlement to end a suit brought by Crypto Assets Opportunity Fund related to a token sale by the firm several years ago.
U.S. District Judge Lewis Kaplan of the Southern District of New York declined to give final approval to the proposed settlement on Aug. 15. The ruling wrestled with how to decide when a blockchain transaction takes place in the US—and is covered by US securities laws—and when it takes place abroad.
The case illustrates “the difficulty of trying to determine whether you have a US transaction,” Proskauer Rose...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...