Saturday, August 25, 2018

New York District Judge rules that CFTC can permanently ban the crypto firm

New York District Judge rules that CFTC can permanently ban the crypto firm

Bitcoin judgement
On August 24, Bloomberg told that the U.S. Commodities Futures Trading Commission (CFTC) has won the court order to permanently stop the operator of New York-based firm Cabbage Tech Corporation from permanently for "Bold and Crazy Fraud" related to cryptocurrency.
At the beginning of this year, Patrick McDonnell, operator of Cryptocurrency Promoter and Cabbage Tech Corporation, was accused of fraud and misuse of Bitcoin (BTC) and Light Cone (LTC) in connection with the purchase and trade. "McDonnell later argued that CFTC did not have the right to control its commercial operations; however, New York District Judge Jack B. Weinstein rejected his claim.
In July, Weinstein conducted a non-trial lawsuit where he claimed that McDonnell ran the "Boiler Room", using "trickery, false statements and misuse of funds" to trusted investors Lure Weinstein made a decision that McDonnell would have to pay $ 290,429 in restitution and $ 871,287 in fines.
According to Bloomberg, the Cabbage Tech Corporation was not represented by an attorney because McDonnell had claimed that he could not pay for the lawyer. McDonnell also stopped attending court during the trial.
McDonnell was also involved in a separate case against CFL by CFCC, its second company, Sinn Drop Markets. CFTC claimed in the lawsuit that customers who paid McDonnell and Cindy Drop for the crypto trading advice did not receive the payment they received, and McDonnell closed the Coin Drop website and failed to respond to customers. Stayed. It has also been noted in the lawsuit that the coin drop was not registered with CFTC.
Last month, talking to Capitol Hill, Congressional Bill Huizenga argued that the Congress had to comply with the rules governing other currencies and shares in the U.S. to control the cryptocurrency market. Financial regulators such as the Securities and Exchange Commission (SEC) and CFTC should be empowered.

In May, CFTC chairman Chris Giancarlo said that he did not see the widespread crypto law coming from the federal level in the near future, stating that the rules governing the CFTC were written in 1935. He said that adopting modern innovation would take time in words that were invented decades ago, like bitcoin.

1 comments:

Wish You said...

I'm a crypto fan thanks for latest updates