New York-based legal firm, Morrison Cohen LLP, has launched what it calls the “Moco Cryptocurrency Litigation Tracker.” The tracker seeks to provide updates and information on all active legal proceedings in the United States involving cryptocurrency companies, yielding greater transparency regarding the legal embroilments of companies operating in the virtual currency industry.
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Morrison Cohen Launches Cryptocurrency Litigation Tracker
As of this writing, Morrison Cohen’s Cryptocurrency Litigation Tracker displays information regarding 63 ongoing proceedings taking place in the U.S. The cases are arranged chronologically, and are sorted according to the nature of the litigation in question.
The tracker has been described as offering increased transparency regarding the legal affairs of companies operating in the cryptocurrency industry – with prospective investors able to quickly ascertain as to whether or not a company is presently the subject of legal action. The tracker provides links to relevant documentation pertaining to listed proceedings, including “rulings/orders of note[s]” relating to the cases.
Cease-and-Desist Orders Among Most Prevalent Proceedings
At present, 27 of the 63 listed cases are described as comprising ”Summary Suspensions/Cease and Desist Orders, 24 are described as “Class Action and Other Private Litigation,” and 18 cases are “Regulatory Litigation and Proceedings.
Morrison Cohen will also track the regulatory pronouncements of the Securities and Exchange Commission, Commodity Futures Trading Commission, Financial Industry Regulatory Authority, and the New York State Department of Financial Services, in addition to “other regulatory announcements” including those made by executive order.
Complaints to Consumer Watchdog on Increase
Earlier this month, consumer research group, Valuepenguin, published a report claiming that the number of consumer complaints involving cryptocurrency company filed with the U.S Consumer Financial Protection Bureau increase by 669 percent following the post-December 2017 crash in the cryptocurrency markets.
40% of complaints originate from traders concerned by being unable to withdraw funds from a cryptocurrency platform, followed by complaints relating to transaction issues (20.5%), and allegations of fraud (11.7%).
Do you think that greater transparency regarding the legal affairs of crypto companies will assist prospective investors in making informed decisions
Images courtesy of Shutterstock, Morrison Cohen
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