Wednesday June 13, 2018

Cryptocurrency on Trial

While My Big Coin is probably not on anyone's radar when it comes to cryptocurrency, it could very well be at the middle of setting a huge precedent in the crypto world. Depending on how this case goes, it could very well give the U.S. Commodity Futures Trading Commission oversight when it comes to crypto. The prevalent fraud rate of crypto ICOs is certainly not going to help shore up My Big Coin's arguments in court. There is also another case ongoing in Brooklyn that is looking at whether cryptocurrencies can be considered securities. My Big Coin is charged with defrauding investors of $6M.

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BOSTON (Reuters) - An obscure virtual currency called My Big Coin is now at the center of a closely watched case that could determine whether the U.S. Commodity Futures Trading Commission has the authority to combat fraud associated with cryptocurrencies.