New York Court Orders to Stay Some of New York Attorney General’s Document Demands

[ChainDD report] May 23 (ChainDD) Considering a motion proposed by cryptocurrency exchange Bitfinex and stablecoin USDT’s issuer Tether on May 21, Judge Joel M. Cohen of the New York Supreme Court issued an order for an immediate stay of the document demands made by the New York Attorney General (NYAG), according to a statement released by Bitfinex on May 22 EST.

Bitfinex said the court order only required the exchange and Tether produce documents and information related to whether there is personal jurisdiction over the two companies in New York state, but staying other aspects of the document demands. Judge Cohen plans to hold a hearing on Bitfinex and Tether’s motion on July 29, 2019.

According to ChainDD’s previous news, Bitfinex and Tether request Judge Cohen to dismiss NYAG’s case against them. They argued they have nothing to do with investors in the New York state and the New York Attorney General’s legal basis—the Martin Act governs securities and commodities, but USDT is neither of these two kinds of assets.

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