Litigation Tracker

An overview of major litigation cases in crypto. Main page includes a general list with available docket links and press releases.

WARNING: THIS SITE IS NO LONGER BEING MAINTAINED.

IT IS BEING KEPT ALIVE HERE FOR HISTORICAL/REFERENCE PURPOSES FOR THE TIME BEING.

IF YOU ARE LOOKING FOR THE LATEST LITIGATION TRACKER PLEASE HEAD HERE.

Although this page is frequently updated and contains what the authors believe are most of the cases involving crypto in the designated sections, new actions are frequently filed. You should always conduct your own research and, as relevant, retain your own counsel before making any legal decisions.

SEC

SEC Color Key

The below color keys indicate the theories of liability advanced by the government in various types of proceedings. The major theories (i.e., most commonly asserted) are listed, with some references to less common also listed.

🟥 = Fraud (F)

• Exchange Act § 10(b) (15 USC § 78j) & SEC Rule 10b-5 (17 CFR § 240.10b-5), and/or Securities Act § 17(a) (15 USC § 77q), or local equivalent;

🟦 = Market Manipulation (MM)

• Exchange Act § 9(a) (15 USC § 78i);

🟧 = Initial Coin Offering (ICO) / Unregistered Sale (US)

• Securities Act § 5(a) and/or (c) (15 USC § 77e), or local equivalent

🟩 = Anti-Touting (AT)

• Securities Act § 17(b) (15 USC § 77q)

🟪 = Control Person / Aiding and Abetting (CP)

• Exchange Act § 20 (15 USC § 78t)

🟫 = Unregistered Broker or Dealer (UBD)

• Exchange Act § 15 (15 USC § 78o)

🟨 = Unregistered Exchange / Clearinghouse (UEC)

• Unregistered - Exchange - Exchange Act § 5 (15 USC § 78e)

• Unregistered Clearinghouse - Exchange Act § 17A(b) (15 USC § 78q-1(b))

⭕️ = Other:

• Petition to compel subpoena responses.

• Deficiencies in attempted registration

• Revocation of registered securities

• Unregistered digital asset security exchange

• Purchase/sale of security-based swaps in violation of Securities Act § 5(e), and effecting transactions in those swaps outside of registered exchanges in violation of Exchange Act § 6(l).

CFTC

CFTC Color Key

The below color keys indicate the theories of liability advanced by the government in various types of proceedings. The major theories (i.e., most commonly asserted) are listed, with some references to less common also listed.

🟥 = Fraud (F)

• Generally: Commodity Exchange Act (CEA) §4b (7 USC § 6b), Regulation 5.2(b) (17 CFR § 5.2(b));

• Options fraud, CEA § 4c(b) (7 USC § 6c(b)) and Regulation 32.4 (17 CFR § 32.4)

• Commodity fraud – deceptive device or contrivance; fraudulent scheme, CEA § 6(c)(1) (7 USC § 9(1)), Regulation 180.1(a) (17 CFR § 180.1(a)(1)-(3))

• False or misleading statements or omissions to the CFTC, CEA § 6(c)(2) (7 USC § 9(2))

• Commodity Pool Operators: CEA § 4o (7 USC § 6o);

• False advertising by Commodity Pool Operators: Regulation 4.41(a) (17 CFR § 4.41(a))

🟦 = Market Manipulation (MM)

• Use of a manipulative or deceptive device, CEA § 6(c)(1) (7 USC § 9(1)), Regulation 180.1(a) (17 CFR § 180.1(a)(1)-(3));

• Manipulation/attempted manipulation of a swap, CEA §§ 6(c)(3) and 9(a)(2) (7 USC §§ 9(3) and 13(a)(2)), Regulation 180.2 (17 CFR § 180.2)

🟧 = KYC/CIP/AML Failures (KYC) –

• Compliance with the Bank Secrecy Act, Regulation 42.2 (17 CFR § 42.2)

• Failure to supervise, Regulation 166.3 (17 CFR § 166.3)

🟩 = Off-Exchange Transactions (OET)

• Illegal off-exchange retail swaps, CEA § 2(e) (7 USC § 2(e))

• Conducting off-exchange futures transactions with non-eligible contract participants or eligible commercial entities, CEA § 4(a) (7 USC § 6(a))

• Illegal off-exchange commodity options, CEA § 4c(b) and Regulation 32.2 (7 USC § 6c(b), 17 CFR § 32.2)

🟪 = Control Person / Aiding and Abetting (CP)

• Failing to act in good faith or knowingly inducing acts constituting violations of the Act, CEA § 13(b) (7 U.S.C. § 13(b))

🟫 = Unregistered (UR)

• Failure to register as a commodity pool operator, CEA § 4m(1) (7 USC §§ 2(c)(2)(C)(iii)(I)(cc), 6m(1)); Regulation 5.3(a)(2)(i) (17 CFR § 5.3(a)(2)(i))

• Failure to register as an associated person of a commodity pool operator, 7 USC § 6k(2), Regulation 5.3(a)(2)(ii) (17 CFR § 5.3(a)(2)(ii));

• Failure to register as a futures commission merchant, CEA § 4d(a)(1) (7 USC § 6d(a)(1))

• Failure to register a designated contract market or swap execution facility, CEA § 5h(a)(1) (7 USC § 7b-3(a)(1)), Regulation 37.3(a)(1) (17 CFR § 37.3)

⭕️ = Other

• Failure to operate a pool as a separate entity, Regulation 4.20 (17 CFR § 4.20);

• Failure to enforce rules prohibiting wash trading and prearranged trading on a swap exchange facility, CEA § 5h(f)(2)(B) (7 USC § 7b-3(f)(1)), Regulation 37.203(a) (17 CFR § 37.203(a))

• Anti-Evasion, Regulation 1.6 (17 CFR § 1.6)

DOJ / Criminal

DOJ / Criminal Color Key

The below color keys indicate the theories of liability advanced by the government in various types of proceedings. The major theories (i.e., most commonly asserted) are listed, with some references to less common also listed.

🟥 = Fraud (F)

• Wire fraud, 18 USC 1343

• Conspiracy to commit wire fraud, 18 USC § 1349

• Securities fraud, 15 USC § 78j(b), 17 CFR § 240.10b-5

• Conspiracy to commit securities/commodities/computer fraud, 18 USC § 371

• Bank fraud, 18 USC § 1344

• Making false statements to a financial institution, 18 USC § 1014

🟦 = Money Laundering (ML)

• Conducting financial transactions with the proceeds of a crime, 18 USC § 1956

• Conspiracy to commit money laundering, 18 USC § 1956(h)

• Illegal monetary transaction from proceeds of a crime, 18 USC § 1957

• Failure to register/license a money services business (MSB), 18 USC § 1960, 31 CFR § 1010.100(ff), 31 CFR § 1022.380(a)(1)

• Failure of an MSB to comply with the Bank Secrecy Act (BSA), e.g., filing suspicious activity reports, 31 USC 5318(g) & 31 CFR § 1022.320(a), implementing an anti-money laundering program, 31 USC 5322 & 31 CFR § 1022.210, 31 CFR § 1026.210, 31 CFR § 1026.220, structuring transactions, 31 USC § 5324(c)

• Conspiracy to violate IEEPA, 50 USC § 1701, Executive Order 13722, 31 CFR § 510.201

🟧 = Forfeiture (FF)

• Judicial forfeiture against assets resulting from money laundering, illegal monetary transactions, or operating an unregistered MSB, 18 USC § 981(a)(1)(A), computer hacking, 18 USC § 981(a)(1)(C), or against things of value furnished or intended to be furnished in exchange for drugs, 21 USC § 881(a)(6)

⭕️ = Other

• Obstruction of justice, 18 USC § 1503(a); Tampering with evidence/witnesses, 18 USC § 1512; destruction of investigative records, 18 USC § 1519;

• Motion to suppress

• Tax evasion, 26 USC § 7201; willful failure to file a return or pay tax, 26 USC § 7203

• Conspiracy to assist in sanctions evasion by violating the International Emergency Economic Powers Act, 50 USC § 1705(a), 31 CFR §§ 510.206(a), 510.212(b)

• Computer Fraud and Abuse, 18 USC § 1030

• Identity theft 18 USC §§ 1028, 1028A

• Extortion, 18 USC § 1951

Misc Fed/State

Challenges

The Challenges section involves cases where the plaintiff is suing the government, usually an administrative agency, for relief of some kind.