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CFTC files to dismiss CME lawsuit over crypto perpetual futures
The CFTC’s lawyers called the lawsuit “much ado about nothing,“ claiming that the CME Group lacked standing to file and argued against its claims over crypto perpetual futures.
The US CFTC has filed a lawsuit against cryptocurrency pool operator Trevor Vernon, alleging a $14.8 million investment fraud.
According to BlockBeats, on July 8th, the US CFTC filed a lawsuit against Trevor Vernon and his company, Argent Capital Management, on Tuesday. The lawsuit alleges that between March 2022 and February 2026, Vernon operated a commodity pool involving stock index futures, options, and crypto assets, raising approximately $14.8 million from at least 60 investors and falsely advertising investment performance, thus committing investment fraud. The CFTC claims that the transactions resulted in losses exceeding $8.6 million for investors. Vernon allegedly concealed these losses and misappropriated approximately $3 million to pay returns to investors, operating in a manner "similar to a Ponzi scheme," and misappropriated $136,000 for private jet travel. The regulator also points out that the transactions involved commodities such as Bitcoin and Ethereum, and is requesting the court to prohibit Vernon from continuing related trading and registration activities, recover illegal gains, impose civil penalties, and compensate investors.
Citadel plans to intervene in Susquehanna insider trading lawsuit.
PANews reported on July 6th that, according to Bloomberg, market maker Citadel Securities is seeking to join an insider trading lawsuit filed in Pennsylvania against Susquehanna International Group (SIG) and its former traders, planning to participate as a "victim." Citadel claims it suffered losses in related US stock and options trading due to alleged insider trading and hopes to be allowed to intervene in a New York court to protect its interests in subsequent claims. The case accuses former SIG employees of using undisclosed information to trade multiple stocks and profit. Previously, it was reported that the US Securities and Exchange Commission (SEC) is investigating allegations against market maker Susquehanna regarding insider trading in US stock options related to Futu and Tiger Brokers.
A Bitcoin address that had been dormant for nearly 15 years showed unusual activity, sparking a lawsuit in New York concerning the ownership of a "dormant Bitcoin".
According to BlockBeats, on July 6th, a Bitcoin address that had been dormant for nearly 15 years made its first transaction, transferring out 30 BTC, worth approximately $1.88 million at current prices. Galaxy Research's on-chain data shows that address "1KV47" had not made any transactions since receiving 30 BTC in August 2011, until last Saturday when it first transferred funds outwards. This address is one of 39,069 dormant Bitcoin addresses involved in a New York lawsuit. The plaintiff, "Noah Doe," and two Wyoming-registered companies are attempting to claim ownership of the Bitcoin in these long-inactive addresses under New York State lost property law. Sani, founder of the analytics platform Timechain Index, stated that these addresses collectively hold approximately 3.7 million BTC, worth about $234 billion, including addresses widely believed to belong to Satoshi Nakamoto. Alex Thorn, research director at Galaxy Digital, stated that dormant addresses associated with the lawsuit have seen a significant increase in activity recently. In June, 31 addresses transferred 17,527 BTC, compared to only 5 addresses transferring 4,834 BTC in February. However, the legal community generally considers the lawsuit's grounds weak. Last Friday, a defendant claiming to control one of the addresses, "John Doe 33," filed for dismissal, arguing that Bitcoin addresses are merely data strings and not entities that can be sued. Edwin Mata, CEO and lawyer at tokenization platform Brickken, stated that the mere fact that an address has been inactive for an extended period does not prove that assets have been abandoned. Under property law, establishing abandonment usually requires proof that the owner had a clear intention to relinquish their property rights. Dormant addresses may simply be due to long-term cold storage, lost private keys, or the holder choosing to hold the property long-term, thus insufficient to support the plaintiff's claims.
The Russian State Duma committee recommended that the bill on criminal penalties for digital currencies be passed on its first reading, with a maximum sentence of seven years.
According to Foresight News , citing TASS, the State Duma's Committee on State Construction and Legislation has recommended the first reading of a bill that would stipulate a maximum sentence of seven years imprisonment for violating digital currency laws. In April, the Russian government proposed a new clause to the Criminal Code to punish the illegal circulation of cryptocurrency if the crime causes significant harm to individuals, organizations, or the state, or if the perpetrators profit excessively. Proposed penalties include fines of 100,000 to 300,000 rubles, or up to four years of forced labor, or up to four years imprisonment and a fine of up to 80,000 rubles. If the crime is committed by an organized group, or if the damage is particularly significant, the penalty is up to five years of forced labor, or up to seven years imprisonment, and a fine of up to 1 million rubles. The bill proposes that amounts exceeding 3.5 million rubles be considered significant losses or income, and amounts exceeding 13.5 million rubles be considered particularly significant losses or income.