- Bitcoin Minimalist
- Tether Gets Lawsuit Dismissed
Tether Gets Lawsuit Dismissed
Today we’re covering:
Tether gets lawsuit dismissed,
SEC files lawsuit against Richard Heart,
Francis Suarez plans to accept presidential donations in BTC,
And everything else you need to know.
First time reading? I’m Jordan, and this is the Bitcoin Minimalist. Every day, our team scours dozens of sources to bring you need-to-know Bitcoin news and insights—all in 5 minutes. Were you forwarded this email? Sign up here.
Miami Mayor Francis Suarez to Accept Presidential Campaign Donations in BTC
The scoop: Current mayor of Miami, Francis Suarez, announced he’ll accept campaign donations in Bitcoin for his upcoming presidential campaign. Suarez plans to run for US president in 2024 as a Republican.
In his words: “Officially, my campaign is accepting bitcoin. This is a process of developing technologies that are going to create democratizing opportunities for wealth creation and are not manipulated by a human being's ulterior motives, political goals, etc.”
Not a Biden Fan: Suarez came out against the current Biden administration, saying they don’t understand Bitcoin’s potential. He stated the current Biden team has not made set out clear laws on how companies can work with Bitcoin and crypto.
Suarez & His Bitcoin History: Suarez has supported Bitcoin for quite some time. He welcomed the Bitcoin 2022 conference to Miami after it was not allowed to happen in California, where the COVID laws were more strict.
WHAT WE'RE WATCHING
❌ WSJ reports that Binance operates illegally in China. Binance, despite China's crypto ban, conducted the majority of its business from the country in May, with over $90 billion in spot and futures trading volume and a total of $670 billion globally. China leads Binance's top four markets, followed by South Korea, Turkey, and Vietnam. According to The Wall Street Journal's investigation.
🔧 Revolut to shut cryptocurrency and Bitcoin operations on September 2. UK fintech firm Revolut is suspending its cryptocurrency services in the United States from September 2, 2023, due to regulatory uncertainties. A more comprehensive restriction will start on October 3, disabling access to cryptocurrencies for US customers, following the SEC's scrutiny of cryptocurrencies as securities.M
✒️ The SEC sues influencer Richard Heart. Richard Heart, a cryptocurrency influencer, has been charged with fraud by the Securities and Exchange Commission. He scammed investors and spent millions on luxury goods, sports cars, and a 555-carat black diamond called The Enigma. Heart made inflated claims to investors and failed to register his offerings. He also falsely reported sales to create demand.
Tether and Bitfinex Win US Legal Victory
In short: Chief Judge Laura Taylor Swain of the U.S. District Court for the Southern District Of New York dismissed the class-action lawsuit against Tether and Bitfinex. The court ruled that the complaint lacked plausible allegations of injury, as it failed to show that USDT had diminished actual value.
Tether CTO Tweets
Tether CTO tweeted to share his excitement about the results of the case:
It's a good Friday.
#Tether and @bitfinex Win Comprehensive Legal Victory as U.S. District Court Dismisses Class Action Lawsuit
The Court correctly held that plaintiffs’ complaint lacked any “plausible allegations of injury” because it includes no facts showing that “USDT had a… twitter.com/i/web/status/1…
— Paolo Ardoino 🍐 (@paoloardoino)
Aug 4, 2023
Tether continues to appear strong despite FUD and legal battles. Is Tether good for Bitcoin?
IN THE LOOP
🌱 According to a report from BitGet, Gen Z users lead copy trading at 44%, while older traders seek professional advice. 93% of futures and 82% of spot copy traders profit, with total gains exceeding 74 million USDT. Copy trading saves 23% of exchange time. Spot traders hold positions longer than futures traders. Western Europe has 31% of users, and Africa shows significant interest.
📈 HashKey Exchange and OSL Digital Securities obtained Hong Kong's first crypto exchange licenses for serving retail customers. They already had licenses under the previous regime, facilitating the approval process. The move comes amid plans to capitalize on Hong Kong's potential as a crypto hub.
📜 Coinbase expects to win its legal battle with the SEC, aiming for regulatory clarity, consumer protection, and innovation support. The exchange believes the SEC lacks grounds for the lawsuit, and the regulator has until October 3rd to respond to Coinbase's motion to dismiss.
Today’s newsletter was written by Jordan and edited by Colin.