Forget what T.S. Eliot said about April. For the crypto community and its related scamsters, the cruelest month was March. That month saw a string of jury verdicts and judicial rulings that laid bare the dark underside of cryptocurrency trading, reinforcing its reputation as a haven for fraud and other illegality.
Failla's ruling followed another in New York federal court in which a judge deemed crypto to be securities. In that case, Judge Edgardo Ramos refused to dismiss SEC charges against Gemini Trust Co., a crypto trading outfit run by Cameron and Tyler Winkelvoss, and the crypto lender Genesis Global Capital. The SEC charged that a scheme in which Gemini pooled customers' crypto assets and lent them to Genesis while promising the customers high interest returns is an unregistered security.
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