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CFTC’s right to prosecute virtual currency fraud comes under fire 

March 31, 2018

"The defendants in a virtual currency fraud case have questioned the right of the United States Commodity Futures Trading Commission (CFTC) to take action against cryptocurrency scams and to bring such cases to court.

On Friday, March 30, 2018, Randall Crater, Mark Gillespie, and My Big Coin Pay, Inc., accused of misappropriating over $6 million from customers via a fraudulent scheme involving virtual currency called “My Big Coin”, filed their Motion to Dismiss with the Massachusetts District Court. The document, seen by FinanceFeeds, challenges the CFTC’s claim that virtual currencies are commodities under the Commodity Exchange Act (CEA) and that the CFTC is the body that oversees this market segment."

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