Regulations Roundup: Shenzhen Court Recognizes Bitcoin, Coinbase Lawsuit Dismissed
In recent regulatory news, a Shenzhen court has ruled in favor of protecting an “equity transfer agreement” involving bitcoin, the judge presiding over a class action lawsuit against Coinbase has granted a motion to dismiss, and an Australian woman has been arrested for stealing 100,000 XRP following a 10-month investigation.
Shenzhen Court Purportedly Recognizes Bitcoin “Equity Transfer Agreement”
Chinese media has reported that a recent decision by the Shenzhen Court of International Arbitration has ruled in favor of protecting an “equity transfer agreement” involving bitcoin cash, bitcoin core, and bitcoin diamond.
Weixin reports that although “China has not clearly defined the concept, legal attributes, and delivery of bitcoin based on blockchain technology at the legal and administrative level … at present … the arbitral tribunal affirmed the property attributes of bitcoin in accordance with the provisions of the General Principles of the Civil Law, the ‘Contract Law’ and the contractual agreement, and the principle of good faith and the arbitration concept of respecting party autonomy.”
The court also found that the current lack of legal recognition of bitcoin as a currency in China “does not prevent it from being protected by law as a property.” The ruling has come less than a week after Xinhua News Agency reported that the Futian District People’s Court of Shenzhen had ruled that cryptocurrency investments are not protected by law.
Coinbase Granted Motion to Dismiss Insider Trading Case
Vince Chhabria, the United States District Judge presiding over a class action lawsuit filed by Jeffrey Berk over allegations of Coinbase insider trading, has granted the exchange’s motion to dismiss the case.
The case was brought against Coinbase in March of this year, accusing the exchange of engaging in insider trading by allowing its employees to learn of its intention to support bitcoin cash, having publicly stated that it would be listing BCH in future.
Chhabria dismissed the allegations, stating: “A reader of the Complaint is thus left wondering what Coinbase should have done differently, or why the rollout of bitcoin cash would have gone more smoothly had Coinbase done whatever Berk thinks is appropriate.”
Australian Woman Arrested for Stealing 100,000 XRP After 10-Month Investigation
A 10-month investigation into the theft of 100,000 XRP from a man in his 50s has led to the arrest of a 23-year-old Sydney-based woman.
The stolen cryptocurrency, estimated to be valued at roughly $31,930 today, was misappropriated from the man’s account following the hack of his email in December. During mid-January, at the time the XRP was stolen, it was valued at approximately $319,000.
Regarding the recently increased prevalence of opportunistic scammers seeking to harness distributed ledger technologies, Kath Anderson of the Australian Taxation Office recently stated: “Unfortunately, it was inevitable that scammers would target cryptocurrency given its current popularity and anonymity.”
Do you think a Chinese court ruling in favor of recognizing bitcoin will grant cryptocurrency increased legitimacy in the country? Share your thoughts in the comments section below!
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