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Law.com: Miami Cryptocurrency Antitrust Case Could Provide Blueprint for Other LitigationApril 06, 2021
O’Melveny Antitrust and Competition practice co-chair Ian Simmons and partner Katrina Robson secured a win in the Southern District of Florida for Bitcoin pioneer Roger Ver in the first antitrust case involving cryptocurrency and blockchain technology in the country, Law.com reports in this article.
“In new industries, the lawyers and the business folks need to assess whether there are any antitrust risks in communications with unrelated parties in collective business decisions,” Simmons said. “This case is a careful analysis of well-established legal principles.” He added that this case lays a groundwork for defense counsel to litigate future antitrust complaints concerning blockchain.
The case, in which United American Corp. accused Ver and affiliates of coordinated market manipulation of the Bitcoin Cash network, was dismissed with prejudice by US Magistrate Judge Chris McAliley, who ruled that plaintiffs failed to present “factual assertions that make clear what they mean” in the alleged conspiratorial agreement. If plaintiffs choose to appeal the verdict, this first-of-its-kind case would next head to the US Eleventh Circuit Court of Appeals.
Law.com subscribers can read the full article here.