Federal court upholds CFTC's right to prosecute fraud involving virtual currency
The U.S. District Court for the District of Massachusetts denied My Big Coin's motion to dismiss CFTC's complaint against it. In January 2018, the CFTC filed a complaint against My Big Coin, claiming that the facilitators of the cryptocurrency project were committing commodity fraud. CFTC alleged that My Big Coin “is a virtual currency and it is undisputed that there is futures trading in virtual currencies (specifically involving Bitcoin).” (Source: CFTC)
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Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi
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