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Crypto News

BProtocol Foundation lawyers argue that US courts are unable to settle global cases

Nicholas Say
Nicholas Say

Lawyers for BProtocol Foundation, the parent entity of Bancor, are arguing that a court in the US Southern District of New York doesn't have the ability to try a class action lawsuit that is being brought against it by Timothy C. Holsworth. According to the lawyers, the case is, “based on a man in Wisconsin using an exchange in Singapore to purchase tokens issued by a Swiss entity.” Instead, the defendants' lawyers suggest the Holsworth use the legal system in Israel, where many of the defendants live. The case is one of many that were filed in April this year over the sale of what may be considered to be securities in the USA.

Why it matters: The decentralized nature of the blockchain and crypto industry make law enforcement much more difficult. As the BProtocol Foundation lawyers correctly assert, the resident of Wisconsin is likely barking up the wrong tree by using US courts, as due process will likely be impossible to achieve because of the global nature of the transaction in question. Once the case is taken outside of the USA, the securities laws that the case stands on may not be applicable, which puts the plaintiff in a difficult position. Governments are struggling with the same issues, as many nations don't regulate cryptos at all, or have very different standards and practices.