News list for " US Law"
Thomas Massie, a member of the US House of Representatives, wrote: "The House of Representatives has a 72-hour rule that requires bills to be published within 72 hours of passage. But the Speaker bypassed this rule with the'Stewards Amendment ', which rewrote much of the bill and added important parts the night it passed the Rules Committee. The House also has another rule that requires amendments in the Rules Committee.
According to people familiar with the matter, the US Marshals Service (USMS) is unable to confirm the amount of bitcoin it currently holds, or even give a rough estimate. This management flaw could affect the US government's plan to build a crypto reserve, proposed by White House crypto director David Sacks, which could change the way the government handles seized crypto assets and could even involve the purchase of cryptocurrencies. At present, the USMS still relies on Excel records and manual ...
On February 17, a US judge arranged a rare court hearing on Monday's holiday. The case was brought by the attorneys general of Democratic states to protect major federal agencies from Musk's "Department of Government Effectiveness" (DOGE). The judge did not say why the hearing was held, but on Friday, she heard arguments from 13 Democratic state attorneys general for a temporary restraining order aimed at banning DOGE teams from accessing the information systems of several government entities, i...
A US judge has temporarily restricted access to sensitive Treasury data by Mr. Musk's Department of Government Effectiveness, according to market sources.
According to people familiar with the matter, the U.S. Marshals Service (USMS) failed to provide Senator Cynthia Lummis with detailed information about its handling of the dark web Silk Road case. Lummis sent a letter to the USMS last month expressing concern about the agency's plan to sell some 69,370 seized bitcoins, which are worth more than $6.60 billion at current market prices. She noted that this could result in financial losses for taxpayers and be linked to Trump...
Banq, which filed for bankruptcy last year, was dismissed by a US judge who said the filing was to protect the company and its executives from ongoing litigation by creditors. Banq and its chairperson, Jon Jiles, were sued by creditor N9, accusing Jiles of failing to meet his fiduciary duties. Judge Natalie M. Cox, who heard the case, called the bank's filing a "malicious" strategy to "gain an advantage in pending litigation" rather than restructure. In his ruling, Judge Cox wrote that the bankr...
FTX creditors have voluntarily dropped a class action lawsuit against U.S. law firm Sullivan & Cromwell (S & C). On February 16, a group of FTX creditors sued the law firm, alleging that it had financially benefited from its role in FTX's multibillion-dollar fraud. The lawsuit seeks damages for civil conspiracy, aiding and abetting breach of fiduciary duty, and aiding and abetting fraud. S & C served as external counsel on multiple FTX transactions and was responsible for overseeing FTX's bankru...
Last week, a U.S. judge partially rejected Coinbase's request to reject a shareholder class action lawsuit, which means Coinbase must face a class action lawsuit filed by shareholders over regulatory risk concerns. It is reported that New Jersey District Court Judge Brian Martinotti ruled last Thursday that while the plaintiffs have made a persuasive case against Coinbase's conduct in terms of regulatory action (in fact, the SEC did sue Coinbase), they have not made a persuasive case against mos...
Coinbase Chief Legal Officer Paul Grewal said on the X platform that the U.S. judge ruled on a mandatory motion between Coinbase and the Securities Exchange Commission (SEC) to order the SEC to disclose critical information that is critical to the defense of the case. Paul Grewal said he will share the full court transcript with you when he has access to it, and he thanked the court for its careful consideration of the matter. Previously, Coinbase objected to the SEC's proposal to expand the def...
Scott Johnsson, a financial lawyer, said on the X platform that the United States Marshals Service (USMS) is almost certainly selling Silk Road bitcoins. According to the service agreement signed between USMS and Coinbase in June, USMS has been sending bitcoins to the escrow address required by the agreement. Since the protocol requires that USMS's assets must remain completely segregated, once the transfer finally reaches Coinbase Prime (or another hybrid trading address), it can be determined ...
Outgoing U.S. Republican Congressman Patrick McHenry has pressured the Senate to pass the FIT21 crypto regulation bill before the November presidential election. On May 22, the 21st Century Financial Innovation and Technology Act (FIT21) passed the House of Representatives, with the approval of 71 Democrats and 208 Republicans. "This should be a wake-up call to the Senate that they need to get on with this," the chairperson of the House financial services committee, who will retire from Congress...
