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18 U.S. States Sue SEC Over Alleged Unconstitutional Overreach in Crypto Regulations 😂
Eighteen U.S. states have filed a lawsuit against the Securities and Exchange Commission (#SEC ) under Chair Gary #Gensler , accusing the agency of unconstitutional overreach and unfair treatment toward the crypto industry. This #legal action suggests growing state-level resistance to the SEC’s regulatory approach in the cryptocurrency sector.
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#Binance
#crypto2024
Eighteen U.S. states have filed a lawsuit against the Securities and Exchange Commission (#SEC ) under Chair Gary #Gensler , accusing the agency of unconstitutional overreach and unfair treatment toward the crypto industry. This #legal action suggests growing state-level resistance to the SEC’s regulatory approach in the cryptocurrency sector.
If you enjoy my content, feel free to tip me ❤️
#Binance
#crypto2024
Can Bitcoin Argentina's Proposal Preserve Crypto Trust and Decentralization? 🇦🇷
Bitcoin Argentina, previously against crypto #regulation , now proposes a bill to regulate while preserving decentralization and trust.
Presented by President Ricardo Mihura, the framework categorizes platforms, emphasizing property rights. #Decentralized and willing-to-dialogue platforms operate freely; courts determine decentralization.
Mihura rejects outright bans, citing the global nature of blockchain. The bill aims to offer the best #legal protection to citizens, addressing dishonest actors in the crypto space.
This proposal precedes Argentina's presidential election amid economic challenges, positioning regulation as a nuanced solution.
#Binance
#crypto2023
Bitcoin Argentina, previously against crypto #regulation , now proposes a bill to regulate while preserving decentralization and trust.
Presented by President Ricardo Mihura, the framework categorizes platforms, emphasizing property rights. #Decentralized and willing-to-dialogue platforms operate freely; courts determine decentralization.
Mihura rejects outright bans, citing the global nature of blockchain. The bill aims to offer the best #legal protection to citizens, addressing dishonest actors in the crypto space.
This proposal precedes Argentina's presidential election amid economic challenges, positioning regulation as a nuanced solution.
#Binance
#crypto2023
Is El Salvador's $1 Million Bitcoin Visa Program Changing How People Get Citizenship? 💳
El Salvador launched a unique $1 million Freedom #Visa program tied to Bitcoin, attracting hundreds of inquiries and dozens of applications within days of its December 7 launch.
The initiative offers residency and a citizenship pathway to 1,000 individuals donating $1 million in Bitcoin or Tether.
Despite criticism of its price compared to other programs, El Salvador's National Bitcoin Office defends it as reasonable, emphasizing the nation's pro-Bitcoin #policies .
President Nayib Bukele's initiatives, including recognizing Bitcoin as #legal tender and removing taxes for Bitcoin investors and tech firms, might lure prospective applicants despite the high cost.
#Binance
#crypto2023
El Salvador launched a unique $1 million Freedom #Visa program tied to Bitcoin, attracting hundreds of inquiries and dozens of applications within days of its December 7 launch.
The initiative offers residency and a citizenship pathway to 1,000 individuals donating $1 million in Bitcoin or Tether.
Despite criticism of its price compared to other programs, El Salvador's National Bitcoin Office defends it as reasonable, emphasizing the nation's pro-Bitcoin #policies .
President Nayib Bukele's initiatives, including recognizing Bitcoin as #legal tender and removing taxes for Bitcoin investors and tech firms, might lure prospective applicants despite the high cost.
#Binance
#crypto2023
Why Choose MyLegalPal.com for Your Contract Drafting Needs?
In today’s fast-paced and complex business world, ensuring that your legal documents are watertight is not just advisable, it's imperative. Contract drafting, in particular, demands meticulous attention to detail and profound legal expertise. This is where MyLegalPal.com comes into the picture, providing a reliable, professional, and accessible legal service platform. Here’s why you should consider MyLegalPal.com for your contract drafting needs:
1. Expertise and Experience
MyLegalPal.com is staffed with legal professionals who specialize in various fields of law, including contract law. These attorneys are not only qualified but have amassed years of practical experience in their fields. This means that every contract drafted is grounded in legal knowledge and real-world application, tailored to meet the specific nuances and requirements of your situation.
2. Customization to Your Needs
No two businesses or agreements are the same. MyLegalPal.com understands this, offering fully customized contract drafting services. Whether you need a straightforward nondisclosure agreement or a more complex joint venture agreement, our team ensures that the final document reflects your objectives and requirements while also safeguarding your interests.
3. Cost-Effectiveness
Hiring a traditional law firm can be expensive, especially for startups and small businesses. MyLegalPal.com offers a more affordable solution without compromising on quality. With transparent pricing models and no hidden fees, clients can manage their legal budgets more effectively, ensuring they get top-tier legal services at a fraction of the cost.
4. Convenience and Accessibility
In the digital age, accessibility to services is key, and MyLegalPal.com excels in this area. Our online platform allows you to request and receive legal services from anywhere, at any time. This is particularly advantageous for businesses operating in multiple locations or for those entrepreneurs who are always on the move.
5. Speed and Efficiency
Time is often of the essence in business transactions. MyLegalPal.com prides itself on its swift turnaround times without sacrificing the quality of its services. Our streamlined processes ensure that your contracts are drafted, reviewed, and delivered promptly, helping you to move forward with your business deals faster.
6. Security and Confidentiality
When dealing with legal documents, security cannot be overlooked. MyLegalPal.com uses advanced security protocols to ensure that all your data and communications are encrypted and securely stored. Confidentiality is paramount, and we guarantee that your business dealings and sensitive information are protected at all times.
7. Comprehensive Support
Our commitment to you doesn’t end at drafting contracts. MyLegalPal.com offers comprehensive support throughout the negotiation and implementation phases of your contracts. Our legal experts are on hand to provide advice, clarify legal jargon, and assist with any modifications that may arise based on changing circumstances or negotiations.
8. User-Friendly Interface
MyLegalPal.com’s platform is designed for ease of use. Clients can easily navigate through the services, submit their requirements, and communicate with their assigned legal experts without any hassle. This user-friendly approach removes any intimidation factor typically associated with legal processes.
9. Positive Client Feedback
Don’t just take our word for it; the positive feedback and testimonials from our clients speak volumes. Satisfaction in our services is high, evidenced by our numerous return clients and referrals, which underscores the trust and effectiveness of MyLegalPal.com’s legal services.
Choosing MyLegalPal.com for your contract drafting needs means selecting a partner that values professionalism, efficiency, and customized care. Whether you’re an established enterprise or a budding entrepreneur, our legal services are designed to scale with your needs, providing you the legal backbone necessary for successful business operations. Trust MyLegalPal.com to be your guide and guard in the intricate world of contract law.
#legalservices #legal #legaladvice #mylegalpal #contractdrafting
visiy mylegalpal.com
1. Expertise and Experience
MyLegalPal.com is staffed with legal professionals who specialize in various fields of law, including contract law. These attorneys are not only qualified but have amassed years of practical experience in their fields. This means that every contract drafted is grounded in legal knowledge and real-world application, tailored to meet the specific nuances and requirements of your situation.
2. Customization to Your Needs
No two businesses or agreements are the same. MyLegalPal.com understands this, offering fully customized contract drafting services. Whether you need a straightforward nondisclosure agreement or a more complex joint venture agreement, our team ensures that the final document reflects your objectives and requirements while also safeguarding your interests.
3. Cost-Effectiveness
Hiring a traditional law firm can be expensive, especially for startups and small businesses. MyLegalPal.com offers a more affordable solution without compromising on quality. With transparent pricing models and no hidden fees, clients can manage their legal budgets more effectively, ensuring they get top-tier legal services at a fraction of the cost.
4. Convenience and Accessibility
In the digital age, accessibility to services is key, and MyLegalPal.com excels in this area. Our online platform allows you to request and receive legal services from anywhere, at any time. This is particularly advantageous for businesses operating in multiple locations or for those entrepreneurs who are always on the move.
5. Speed and Efficiency
Time is often of the essence in business transactions. MyLegalPal.com prides itself on its swift turnaround times without sacrificing the quality of its services. Our streamlined processes ensure that your contracts are drafted, reviewed, and delivered promptly, helping you to move forward with your business deals faster.
6. Security and Confidentiality
When dealing with legal documents, security cannot be overlooked. MyLegalPal.com uses advanced security protocols to ensure that all your data and communications are encrypted and securely stored. Confidentiality is paramount, and we guarantee that your business dealings and sensitive information are protected at all times.
7. Comprehensive Support
Our commitment to you doesn’t end at drafting contracts. MyLegalPal.com offers comprehensive support throughout the negotiation and implementation phases of your contracts. Our legal experts are on hand to provide advice, clarify legal jargon, and assist with any modifications that may arise based on changing circumstances or negotiations.
8. User-Friendly Interface
MyLegalPal.com’s platform is designed for ease of use. Clients can easily navigate through the services, submit their requirements, and communicate with their assigned legal experts without any hassle. This user-friendly approach removes any intimidation factor typically associated with legal processes.
9. Positive Client Feedback
Don’t just take our word for it; the positive feedback and testimonials from our clients speak volumes. Satisfaction in our services is high, evidenced by our numerous return clients and referrals, which underscores the trust and effectiveness of MyLegalPal.com’s legal services.
Choosing MyLegalPal.com for your contract drafting needs means selecting a partner that values professionalism, efficiency, and customized care. Whether you’re an established enterprise or a budding entrepreneur, our legal services are designed to scale with your needs, providing you the legal backbone necessary for successful business operations. Trust MyLegalPal.com to be your guide and guard in the intricate world of contract law.
#legalservices #legal #legaladvice #mylegalpal #contractdrafting
visiy mylegalpal.com
Most probably #Trump is going to win this election after a failed assassination attempt over him a few hrs back. #BTC is going to become #legal in #USA and the custody of digital assets shall become legal.
Stay tuned and fasten your seatbelts, "A massive pump is ahead". 🚀🚀🚀
Also the "Trump memecoins" shall rise like fire 🔥🔥🔥
$BTC
$ETH
$BNB
Stay tuned and fasten your seatbelts, "A massive pump is ahead". 🚀🚀🚀
Also the "Trump memecoins" shall rise like fire 🔥🔥🔥
$BTC
$ETH
$BNB
Can El Salvador Rise to Become the 'Singapore of the Americas'? 🇸🇻
El Salvador's potential for economic growth is compared to #Singapore by VanEck's strategy advisor, Gabor Gurbacs.
He anticipates increased capital investment and immigration as key drivers for this growth. This observation is in response to a post by Max Keiser, who praises El Salvador for its adoption of #bitcoin , the use of the U.S. dollar as legal tender, reduced crime, beautiful beaches, and excellent coffee.
El Salvador, with President Nayib Bukele's leadership, has seen impressive returns on its sovereign bonds and gained recognition from major investment banks.
The country has embraced Bitcoin as #legal tender and invested in Bitcoin mining. Additionally, tax exemptions for technology innovations may attract more foreign entrepreneurs and capital.
#Binance
#crypto2023
El Salvador's potential for economic growth is compared to #Singapore by VanEck's strategy advisor, Gabor Gurbacs.
He anticipates increased capital investment and immigration as key drivers for this growth. This observation is in response to a post by Max Keiser, who praises El Salvador for its adoption of #bitcoin , the use of the U.S. dollar as legal tender, reduced crime, beautiful beaches, and excellent coffee.
El Salvador, with President Nayib Bukele's leadership, has seen impressive returns on its sovereign bonds and gained recognition from major investment banks.
The country has embraced Bitcoin as #legal tender and invested in Bitcoin mining. Additionally, tax exemptions for technology innovations may attract more foreign entrepreneurs and capital.
#Binance
#crypto2023
Why is Crypto Adoption Slow in El Salvador Despite Pro-Crypto Efforts? 🇸🇻
El Salvador, the only country embracing crypto as #legal tender, faces low crypto ownership despite its government's pro-crypto policies.
A recent CoinGecko report revealed that only 1.72% of the population owns Bitcoin, with 109,175 individuals out of 6.36 million. This ranks El Salvador 55th in global crypto adoption, lagging behind nations with bans on crypto like China, where 4.08% of the population (58 million people) own digital assets.
Despite President Nayib Bukele's announcement of $131 million in Bitcoin investments with a $3.6 million profit as of December 4, the country continues to see relatively slow #adoption rates.
To encourage investment, El Salvador launched a #citizenship-by-investment initiative, offering residency visas and citizenship to those investing $1 million in Bitcoin or Tether within the nation.
#Binance
#crypto2023
El Salvador, the only country embracing crypto as #legal tender, faces low crypto ownership despite its government's pro-crypto policies.
A recent CoinGecko report revealed that only 1.72% of the population owns Bitcoin, with 109,175 individuals out of 6.36 million. This ranks El Salvador 55th in global crypto adoption, lagging behind nations with bans on crypto like China, where 4.08% of the population (58 million people) own digital assets.
Despite President Nayib Bukele's announcement of $131 million in Bitcoin investments with a $3.6 million profit as of December 4, the country continues to see relatively slow #adoption rates.
To encourage investment, El Salvador launched a #citizenship-by-investment initiative, offering residency visas and citizenship to those investing $1 million in Bitcoin or Tether within the nation.
#Binance
#crypto2023
Is Torrevieja Becoming Europe's First Crypto-Friendly City? 🏙️
#Torrevieja , a tourist hub in Spain's Alicante province, aims to lead Europe in cryptocurrency adoption.
Collaborating with local merchants, the city plans to digitize commerce using blockchain technology. Customers will soon pay with cryptocurrencies for goods and services.
The initiative also includes environmental conservation efforts and job creation in the tech sector. The move aligns with Spain's openness to the #crypto industry, evidenced by a significant increase in registered crypto companies.
However, cryptocurrencies aren't #legal tender in Spain, and new tax laws require residents to declare digital assets.
#Binance
#crypto2024
#Torrevieja , a tourist hub in Spain's Alicante province, aims to lead Europe in cryptocurrency adoption.
Collaborating with local merchants, the city plans to digitize commerce using blockchain technology. Customers will soon pay with cryptocurrencies for goods and services.
The initiative also includes environmental conservation efforts and job creation in the tech sector. The move aligns with Spain's openness to the #crypto industry, evidenced by a significant increase in registered crypto companies.
However, cryptocurrencies aren't #legal tender in Spain, and new tax laws require residents to declare digital assets.
#Binance
#crypto2024
NFT Artists Ordered to Pay $1.57 Million to Bored Ape Yacht Club Creator? 🥶
In a significant #legal ruling, NFT artists Ryder Ripps and Jeremy Cahen were ordered by a US district court judge to pay Bored Ape Yacht Club (BAYC) creator Yuga Labs $1.57 million in disgorgement and damages, along with legal fees.
This case stemmed from Yuga Labs' claim that the defendants violated #copyright laws by creating copycat versions of its BAYC NFT collectibles.
The judge awarded Yuga Labs $1.37 million in disgorgement of the defendants' profits and an additional $200,000 in statutory damages for cybersquatting violations. The judge also deemed the trademark infringement an "exceptional case," entitling Yuga Labs to recover attorney fees and costs from the NFT artists.
The defendants' argument that their actions were "satire" and "parody" was rejected by the judge, who ruled that they intentionally infringed on BAYC #trademarks with the intent to profit. Despite a legal battle that began in June 2022, the artists continued to market and promote their copycat BAYC versions after a partial summary judgment against them in April.
This case underscores the legal complexities surrounding NFTs and intellectual property rights in the digital space.
#Binance
#crypto2023
In a significant #legal ruling, NFT artists Ryder Ripps and Jeremy Cahen were ordered by a US district court judge to pay Bored Ape Yacht Club (BAYC) creator Yuga Labs $1.57 million in disgorgement and damages, along with legal fees.
This case stemmed from Yuga Labs' claim that the defendants violated #copyright laws by creating copycat versions of its BAYC NFT collectibles.
The judge awarded Yuga Labs $1.37 million in disgorgement of the defendants' profits and an additional $200,000 in statutory damages for cybersquatting violations. The judge also deemed the trademark infringement an "exceptional case," entitling Yuga Labs to recover attorney fees and costs from the NFT artists.
The defendants' argument that their actions were "satire" and "parody" was rejected by the judge, who ruled that they intentionally infringed on BAYC #trademarks with the intent to profit. Despite a legal battle that began in June 2022, the artists continued to market and promote their copycat BAYC versions after a partial summary judgment against them in April.
This case underscores the legal complexities surrounding NFTs and intellectual property rights in the digital space.
#Binance
#crypto2023
🚨 BINANCE WINS LAWSUIT AGAINST THE SEC🚨
A U.S. federal court has ruled that cryptocurrencies, including Binance’s BNB token, are not securities. This ruling marks a significant victory for Binance and the broader crypto community, potentially influencing other ongoing legal battles in the sector.
⚖️ Court Ruling Highlights ⚖️
Judge's Decision: Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia ruled that cryptocurrencies and secondary sales of BNB do not constitute securities offerings. This decision dismissed several claims made by the U.S. Securities and Exchange Commission (SEC).
Howey Test: The court found that the SEC failed to demonstrate that purchasers in secondary market sales acquired BNB with an expectation of profits, which is crucial for passing the Howey test. This test, established by the Supreme Court, determines whether a transaction qualifies as an investment contract.
Legal Precedent: The ruling emphasized that the SEC’s approach muddied the issues and ignored controlling Supreme Court precedent. The focus should be on whether the circumstances surrounding each transaction render it a securities transaction, not on the cryptocurrencies themselves.
🏆 A Major Win for Binance and Crypto 🏆
This ruling is a significant triumph for Binance.US and the broader crypto industry, which has faced increased scrutiny from the SEC. The regulator’s aggressive approach, especially after the collapse of FTX, aimed to prevent similar incidents but faced criticism for potentially stifling innovation.
Implications for Ripple: This decision could positively impact other legal battles, such as the ongoing SEC vs. Ripple lawsuit, by setting a precedent that cryptocurrencies themselves are not securities.
What do you think about this WIN?
I say : Congratulations ✨💛 well deserved Binance.
Stay updated with @Professor Mende - Bonuz Ecosystem Founder !
#binance #sec #lawsuit #binanceus #legal
$BNB $ETH $BTC
A U.S. federal court has ruled that cryptocurrencies, including Binance’s BNB token, are not securities. This ruling marks a significant victory for Binance and the broader crypto community, potentially influencing other ongoing legal battles in the sector.
⚖️ Court Ruling Highlights ⚖️
Judge's Decision: Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia ruled that cryptocurrencies and secondary sales of BNB do not constitute securities offerings. This decision dismissed several claims made by the U.S. Securities and Exchange Commission (SEC).
Howey Test: The court found that the SEC failed to demonstrate that purchasers in secondary market sales acquired BNB with an expectation of profits, which is crucial for passing the Howey test. This test, established by the Supreme Court, determines whether a transaction qualifies as an investment contract.
Legal Precedent: The ruling emphasized that the SEC’s approach muddied the issues and ignored controlling Supreme Court precedent. The focus should be on whether the circumstances surrounding each transaction render it a securities transaction, not on the cryptocurrencies themselves.
🏆 A Major Win for Binance and Crypto 🏆
This ruling is a significant triumph for Binance.US and the broader crypto industry, which has faced increased scrutiny from the SEC. The regulator’s aggressive approach, especially after the collapse of FTX, aimed to prevent similar incidents but faced criticism for potentially stifling innovation.
Implications for Ripple: This decision could positively impact other legal battles, such as the ongoing SEC vs. Ripple lawsuit, by setting a precedent that cryptocurrencies themselves are not securities.
What do you think about this WIN?
I say : Congratulations ✨💛 well deserved Binance.
Stay updated with @Professor Mende - Bonuz Ecosystem Founder !
#binance #sec #lawsuit #binanceus #legal
$BNB $ETH $BTC
Will President Milei's Bitcoin Support Tackle Argentina's Inflation Crisis? 🇦🇷
In #Argentina 's run-off presidential election, Javier Milei secured a victory, tallying over 55% of votes with 99% counted, triumphing over Sergio Massa. Massa conceded with nearly 3 million votes separating them before official results.
Milei, critical of Argentina's central bank, blames it for inflation, advocating for private sector control, praising Bitcoin as a return to genuine monetary ownership.
However, he hasn't proposed Bitcoin as #legal tender. Massa's approach differs, favoring a central bank digital currency to combat inflation, contrasting with Milei's stance. Despite winning the initial round, Massa couldn't secure outright victory, necessitating the run-off vote.
Milei's win in the primary #election set the stage for his presidency, which begins on December 10 amid Argentina's persistent inflation crisis, signaling a potential shift in economic policy.
#Binance
#crypto2023
In #Argentina 's run-off presidential election, Javier Milei secured a victory, tallying over 55% of votes with 99% counted, triumphing over Sergio Massa. Massa conceded with nearly 3 million votes separating them before official results.
Milei, critical of Argentina's central bank, blames it for inflation, advocating for private sector control, praising Bitcoin as a return to genuine monetary ownership.
However, he hasn't proposed Bitcoin as #legal tender. Massa's approach differs, favoring a central bank digital currency to combat inflation, contrasting with Milei's stance. Despite winning the initial round, Massa couldn't secure outright victory, necessitating the run-off vote.
Milei's win in the primary #election set the stage for his presidency, which begins on December 10 amid Argentina's persistent inflation crisis, signaling a potential shift in economic policy.
#Binance
#crypto2023
🚨📣 These were the most important #CryptoNews of today:
1- .Blast has announced its tokenomics with a total supply of 100 billion tokens, 50% of which will be launched in an airdrop.
2- On June 24, the Bitcoin Spot ETF had a net outflow of $174 million
3- Conduit has announced a Series A funding round of $37 million.
4- #MemeCoins have been the most profitable sector in 2024 so far, with the highest average return rate reaching 2405.1%.
5- #VanEck has just filed Form 8-A for the #Ethereum Spot ETF.
6- The German government transferred a total of 400 BTC to Coinbase and Kraken (200 $BTC each).
7- A Nomura Securities survey shows that 54% of institutional investors in Japan plan to invest in cryptocurrencies within the next three years.
8- Usiacurí, a small town on Colombia's coast, becomes the first municipality in the country to adopt #crypto for #legal commercial transactions.
1- .Blast has announced its tokenomics with a total supply of 100 billion tokens, 50% of which will be launched in an airdrop.
2- On June 24, the Bitcoin Spot ETF had a net outflow of $174 million
3- Conduit has announced a Series A funding round of $37 million.
4- #MemeCoins have been the most profitable sector in 2024 so far, with the highest average return rate reaching 2405.1%.
5- #VanEck has just filed Form 8-A for the #Ethereum Spot ETF.
6- The German government transferred a total of 400 BTC to Coinbase and Kraken (200 $BTC each).
7- A Nomura Securities survey shows that 54% of institutional investors in Japan plan to invest in cryptocurrencies within the next three years.
8- Usiacurí, a small town on Colombia's coast, becomes the first municipality in the country to adopt #crypto for #legal commercial transactions.
⚖️ Celsius Sues Tether - The $3,500,000,000 Bitcoin Battle Begins!
Celsius, the now-defunct crypto exchange, is taking Tether to court, seeking around $3.5 billion in Bitcoin, damages, and legal fees. This lawsuit stems from what Celsius claims was a misappropriation of assets during its bankruptcy proceedings.
The Allegations 🔍
Celsius alleges that during its bankruptcy, it provided Tether with 39,542.42 BTC as collateral for a loan in Tether’s stablecoin, USDT. As Bitcoin's price plummeted, Celsius was supposed to post more collateral to avoid liquidation. However, according to the lawsuit, Tether sold off the Bitcoin collateral at a price point that covered Celsius’ debt almost exactly, without giving Celsius a chance to provide the additional collateral.
Tether's Defense
Tether is not backing down, calling the lawsuit a baseless "shake down." The company asserts that the liquidation was carried out at Celsius' request, not in violation of their agreement. Tether claims Celsius chose not to post more collateral and instead directed Tether to liquidate the BTC to close out an $815 million USDT position.
What's at Stake?
The amount Celsius is seeking includes 57,428.64 BTC, which, as of Aug. 10, is worth about $3.48 billion, plus at least $100 million in damages. This lawsuit is one of the largest of its kind, with Tether stating that even in the remote scenario where Celsius wins, USDT holders will not be affected due to Tether’s $12 billion in consolidated equity.
The Bigger Picture
This legal battle highlights the intense scrutiny and high stakes involved in crypto transactions, especially when companies face financial distress. The outcome of this case could set a significant precedent for how collateralized loans and liquidations are handled in the crypto space.
Stay tuned as this high-stakes legal drama unfolds & follow @Professor Mende - Bonuz Ecosystem Founder !
#tether #celsius #legal #bitcoin #marketnews
$BTC
Celsius, the now-defunct crypto exchange, is taking Tether to court, seeking around $3.5 billion in Bitcoin, damages, and legal fees. This lawsuit stems from what Celsius claims was a misappropriation of assets during its bankruptcy proceedings.
The Allegations 🔍
Celsius alleges that during its bankruptcy, it provided Tether with 39,542.42 BTC as collateral for a loan in Tether’s stablecoin, USDT. As Bitcoin's price plummeted, Celsius was supposed to post more collateral to avoid liquidation. However, according to the lawsuit, Tether sold off the Bitcoin collateral at a price point that covered Celsius’ debt almost exactly, without giving Celsius a chance to provide the additional collateral.
Tether's Defense
Tether is not backing down, calling the lawsuit a baseless "shake down." The company asserts that the liquidation was carried out at Celsius' request, not in violation of their agreement. Tether claims Celsius chose not to post more collateral and instead directed Tether to liquidate the BTC to close out an $815 million USDT position.
What's at Stake?
The amount Celsius is seeking includes 57,428.64 BTC, which, as of Aug. 10, is worth about $3.48 billion, plus at least $100 million in damages. This lawsuit is one of the largest of its kind, with Tether stating that even in the remote scenario where Celsius wins, USDT holders will not be affected due to Tether’s $12 billion in consolidated equity.
The Bigger Picture
This legal battle highlights the intense scrutiny and high stakes involved in crypto transactions, especially when companies face financial distress. The outcome of this case could set a significant precedent for how collateralized loans and liquidations are handled in the crypto space.
Stay tuned as this high-stakes legal drama unfolds & follow @Professor Mende - Bonuz Ecosystem Founder !
#tether #celsius #legal #bitcoin #marketnews
$BTC