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Commodity Futures Trading Commission v. My Big Coin Pay, Inc. et al

  1. March 07, 2019

    DOJ Seeks Discovery Stay In Cryptocurrency Fraud Suit

    The U.S. Department of Justice asked a Massachusetts federal court Thursday to pause discovery in the Commodities Futures Trading Commission's fraud suit against a cryptocurrency business and its owner in light of his recent indictment, saying the criminal action should be resolved first.

  2. February 27, 2019

    Cryptocurrency Owner Accused Of $6M Theft From Investors

    The owner of a defunct cryptocurrency business duped investors into believing his virtual money glittered with the backing of gold when it was virtually worthless, stealing $6 million from them in the process, according to a federal indictment unsealed Wednesday in Massachusetts.

  3. October 03, 2018

    CFTC Official Lauds Ruling Putting Crypto Under Its Purview

    An official at the U.S. Commodity Futures Trading Commission on Wednesday praised a Massachusetts federal court decision in a fraud case that bolsters the agency's ability to prosecute cryptocurrency fraud.

  4. September 26, 2018

    Virtual Money Is Commodity Fit For CFTC Regs, Judge Says

    Cryptocurrencies categorically meet the definition of a "commodity" and fall within the jurisdiction of the U.S. Commodity Futures Trading Commission, a Massachusetts federal judge ruled Wednesday, allowing the agency to pursue fraud allegations against the founder and lead salesman of My Big Coin Inc.

  5. June 14, 2018

    CFTC Calls Virtual Currencies 'Goods' At Boston Hearing

    The U.S. Commodity Futures Trading Commission told a federal judge in Boston on Thursday that virtual currencies fall within the definition of "goods and articles" it can regulate, arguing for jurisdiction over the expanding industry where the agency says scams are flourishing.

  6. May 18, 2018

    CFTC Tells Fraud Suit Judge It Can Regulate Cryptocurrency

    Cryptocurrency is a commodity that can be regulated by the U.S. Commodity Futures Trading Commission, the regulatory watchdog agency told a Massachusetts federal judge Friday as it fights a cryptocurrency company's bid to dismiss a $6 million fraud suit.

  7. April 05, 2018

    My Big Coin Consents To Injunction As Fraud Case Continues

    My Big Coin Pay Inc. consented on Thursday to a preliminary injunction barring it from violating federal trade laws while the U.S. Commodity Futures Trading Commission sues the cryptocurrency company for fraud, postponing a showdown over the company's argument that its virtual money, absent futures contracts, is not a commodity.

  8. April 04, 2018

    Cryptocurrency Co. Says Virtual Money Not Futures

    A cryptocurrency company charged with defrauding customers argued in Massachusetts federal court that its virtual money, called My Big Coin, lacks a crucial element of commodities and cannot be regulated by the U.S. Commodity Futures Trading Commission, attempting to undermine a recent ruling allowing the watchdog agency to take action against misbehavior in the world of online wallets.

  9. January 24, 2018

    CFTC Announces 3rd Cryptocurrency Fraud Suit In 1 Week

    The Commodity Futures Trading Commission on Wednesday said it had sued and frozen the assets of the creators of a supposed cryptocurrency called "My Big Coin" who allegedly took $6 million from unwitting buyers and used it to fund shopping sprees and pay off earlier investors.

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