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Yesterday, Chepicap reported that Bitfinex and Tether had submitted a filing to Judge Joel M. Cohen of the New York Supreme Court, in which they made a plea for the investigation against them from the New York Attorney General (NYAG) to be dismissed, and until that decision, a temporary stay on the demand for documents from the two companies. Now, Bitfinex has announced that they have been granted just that stay, and a date has been set for a hearing on their call for dismissal.
The filing that made the case for dismissal listed three main issues with the investigation. In short, it says that first, Bitfinex has no cutomers under New York Jusrisdiction. Second, that the Martin Act does not apply to Tether as it is not a security or commodity. Third, the Martin Act cannot compel a foreign entity to produce documents.
Knowing this decision would take time, Bitfinex asked for an immediate stay of the demands for the companies to produce documents, which had a deadline of May 23rd.
It seems that Judge Joel M. Cohen at least agreed that this needs a closer look, as he has granted the stay and set a hearing for dismissal for July 29th. From Bitfinex's announcement:
"Today, the Hon. Joel M. Cohen of the New York Supreme Court (Commercial Division) entered an order granting our motion for an immediate stay of the document demands, requiring the companies to produce only documents and information relevant to the limited issue of whether there is personal jurisdiction over the companies in New York but staying the document order in all other respects. Justice Cohen scheduled a hearing on our motion to dismiss for July 29, 2019."
The post ends with Bitfinex vowing to continue to defend against the claims that they feel are unsupported and erroneous. Will they get the case dismissed? Stick with Chepicap for all updates!
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