Litigation Tracker

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

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Last updated 7 months ago

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).

Date / Type

Name / Court / Docket Link

Notes

CFTC

CFTC Color Key

🟥 = 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

🟥 = 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

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