The following is an excerpt from a Cornerstone Research report entitled SEC Cryptocurrency Enforcement: 2021 Update. To read the full report, please click here.
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Litigation Venue
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Half of the 58 actions litigated in U.S. courts occurred in the state of New York, with 23 in the Southern District of New York and six in the Eastern District of New York.
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Of the 58 litigations, 31 were resolved within a median of nearly 300 days.
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Forty-four different judges presided over the 58 litigations. The Honorable Lorna G. Schofield and the Honorable Denise L. Cote, both of the Southern District of New York, presided over four cases each.
The majority of the cases litigated in U.S. courts occurred in the state of New York.
Figure 1: Courts and Presiding Judges in SEC Cryptocurrency Litigations
2013–2021
|
United States District Court |
Number of Actions |
Actions Resolved |
Judges |
|
Southern District of New York |
23 |
12 |
Naomi Reice Buchwald, Andrew L. Carter Jr., P. Kevin Castel (2), Denise L. Cote (4), Paul G. Gardephe (2), Alvin K. Hellerstein, John F. Keenan, John G. Koeltl (3), Colleen McMahon, J. Paul Oetkenk, Lorna G. Schofield (4), Louis L. Stanton, Analisa Torres |
|
Eastern District of New York |
6 |
3 |
Carol Bagley Amon, LaShann DeArcy Hall (2), Raymond J. Dearie, Eric R. Komitee, William F. Kuntz |
|
Central District of California |
7 |
5 |
Jesus G. Bernal, Michael W. Fitzgerald, Dale S. Fischer (2), R. Gary Klausner, Mark C. Scarsi, Otis D. Wright II |
|
Northern District of California |
2 |
1 |
Richard Seeborg (2) |
|
Southern District of California |
1 |
1 |
Gonzalo P. Curiel |
|
Northern District of Texas |
2 |
2 |
David C. Godbey, Barbara M. G. Lynn |
|
Eastern District of Texas |
1 |
1 |
Amos L. Mazzant |
|
Western District of Texas |
1 |
1 |
Robert Pitman |
|
Southern District of Texas |
1 |
0 |
Andrew S. Hanen |
|
District of Connecticut |
1 |
1 |
Jeffrey A. Meyer |
|
District of Columbia |
1 |
1 |
Trevor N. McFadden |
|
Southern District of Florida |
1 |
1 |
Robin L. Rosenberg |
|
District of New Jersey |
2 |
0 |
Stanley R. Chesler (2) |
|
District of Utah |
1 |
0 |
David Barlow |
|
Western District of Pennsylvania |
1 |
0 |
W. Scott Hardy |
|
District of Maryland |
1 |
0 |
Peter J. Messitte |
|
Northern District of Georgia |
1 |
1 |
Steve C. Jones |
|
District of New Hampshire |
1 |
0 |
Paul J. Barbadoro |
|
District of Nevada |
1 |
0 |
Jennifer A. Dorsey |
|
District of South Carolina |
1 |
1 |
Margaret B. Sey |
|
District of Massachusetts |
1 |
0 |
Mark G. Mastroianni |
|
District of Idaho |
1 |
0 |
B. Lynn Winmill |
|
Total |
58 |
31 |
Source: SEC.gov; PACER
Note: The table reports the SEC cryptocurrency litigations resolved as of January 3, 2022.
Litigation Allegations by Venue
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Among the 29 litigations filed in the state of New York, the SEC alleged fraud in 21 actions and violations as unregistered securities offerings in 19 actions.
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Most of the litigations involving allegations against unregistered brokers or unregistered exchanges have been litigated in the Southern District of New York.
In 2021, the three litigations that the SEC brought against unregistered brokers were filed in the state of New York.
Figure 2: Types of Allegations in SEC Cryptocurrency Litigations by Court Venue
2013-2021
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