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The New York Office of Attorney General (OAG) is battling one of the largest global cryptocurrency exchanges (BitFinex) and one of the most prominent “stablecoin” issuers (Tether) in a proceeding that may test the limits of the OAG’s expansive authority to prosecute securities and commodities fraud under the Martin Act. The matter has potential ramifications for many cryptocurrency businesses, especially those that take steps to avoid New York and view themselves as outside the reach of the OAG’s jurisdiction. The proceeding is before New York Supreme Court Justice Joel Cohen, styled In the Matter of the Inquiry of Letitia James, Attorney General of the State of New York v. iFINEX INC., et al., No. 450545/2019 (Sup. Ct. N.Y. County).

 

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