The bitcoin business is anticipated to face six court judgments in the upcoming year, making it a bustling legal landscape. With 2018 coming to an end and the cryptocurrency market experiencing a lot of growth, 2024 is already looking quite promising. Some of the key choices that are anticipated in the upcoming year are examined in this article. Some cases, like those involving Coinbase and Ripple, might have a significant impact on the direction of the cryptocurrency market, even though many of them focus on prominent criminals who have been found guilty by juries.
The U.S. Securities and Exchange Commission (SEC) sued Coinbase in June 2023 for allegedly breaking securities laws. Coinbase has made several unsuccessful attempts to oppose and maybe pressure authorities to create new bitcoin rules. Even Coinbase's request for regulation has been denied by the SEC. Both sides will now submit their cases in court to settle this conflict. The date of this important hearing is January 17, and the ultimate decision is anticipated in 2024. The outcome of this lawsuit may have a big impact on the bitcoin market going forward.
One massive legal action is now pending for prominent cryptocurrency business Binance, following its multi-billion dollar deal with US authorities. The SEC sued the business in June 2023 as well, although it has since angrily refuted the claims made by the regulatory agency that it violated securities laws. It's possible that Binance hinted at the possibility of reaching a comparable arrangement with the SEC in its settlement with other U.S. authorities. However, the exchange said in its most recent move to dismiss that the settlement ought not to be used in the SEC lawsuit. A decision on the request to dismiss and the reasons put up by both parties is anticipated in the first quarter of 2024, even though the litigation is still very much contested.
Changpeng Zhao, the founder of Binance, entered a guilty plea in November 2023 to many charges of using his exchange to support money laundering and funding of terrorism by enforcing lax KYC regulations. The creator of Binance was forced to stay in the country until his sentence hearing after entering a guilty plea. The crucial choice is expected to be made on February 23, 2024, and many people are in support of the Binance founder serving anywhere from 12 to 18 months in prison. Even while a ten-year sentence appears unlikely given the substantial $4.3 billion settlement amount, it is still possible.
Sam Bankman Fried, the former CEO of FTX, is another cryptocurrency creator who appears to be headed for prison time (SBF). The creator of FTX was found guilty in November by a U.S. federal court for his role in a multimillion-dollar scam that caused significant losses for clients. SBF seems likely to receive a lengthy jail sentence of up to 115 years as a result of the conviction. The hearing for the SBF punishment is set for March 28, 2024.
On December 16, the Montenegro Appellate Court made an astounding decision by refusing to extradite Terra founder Do Kwon to either South Korea or the United States. The $40 billion Terra ecosystem is said to have collapsed under Do Kwon's direction, causing a ripple impact on the Bitcoin market. The founder of Terra would have been the target of litigation seeking his conviction for the claimed crimes if he had been extradited to any of these locations. Do Kwon, however, will stay in Europe until the Ministry of Justice of Montenegro issues a decision in the upcoming year about the matter.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more about the financial risks involved here.