In the latest cryptocurrency news here on DC Forecasts, a new report says that cryptocurrency lawsuits has tripled in the first two quarters of 2018 compared to the entire last year. The report was prepared by the company Lex Machina, which is a legal analytics firm. After investigating the numerous cases mentioning Bitcoin, cryptocurrency or blockchain, the company issued its findings.
As the report states, the 15 lawsuit cases present in 2017 have tripled to 45 so far. If this trend continues, the increase will likely be more than sixfold by the end of this year. What’s also interesting is the fact that the Securities and Exchange Commission (SEC) is responsible for around a third of all the cases – led by the chairman Jay Clayton who announced a total crackdown on the crypto sector.
Meanwhile, this surge in the number of cases also coincides with the fall in the price of Bitcoin and other cryptocurrencies. There were only seven cases relating to Bitcoin, blockchain or cryptocurrency in the fourth quarter of 2017 – but this time – it has increased threefold in only the first quarter of the year.
As the firm wrote in a statement:
“[T]he first two quarters of 2018 saw a significant rise in the number of securities cases relating to cryptocurrency or Bitcoin. Using Legal Analytics’ keyword search functionality, Lex Machina discovered case filings relating to this emerging area surged from seven cases in Q4 2017 to 22 cases in Q1 2018 Q1 and 23 cases in Q2.”
Among the lawsuits, there are cases involving Ripple Labs, Bitconnect and other popular companies which were scammed or stipulated in certain ways.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com
Discussion about this post