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Volume XII, Number 145

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SEC Cryptocurrency Enforcement: Litigation Venue and Litigation Allegations by Venue

The following is an excerpt from a Cornerstone Research report entitled SEC Cryptocurrency Enforcement: 2021 UpdateTo read the full report, please click here.

For more information about this report, please click here.

Litigation Venue

  • Half of the 58 actions litigated in U.S. courts occurred in the state of New York, with 23 in the Southern District of New York and six in the Eastern District of New York. 

  • Of the 58 litigations, 31 were resolved within a median of nearly 300 days. 

  • Forty-four different judges presided over the 58 litigations. The Honorable Lorna G. Schofield and the Honorable Denise L. Cote, both of the Southern District of New York, presided over four cases each.

The majority of the cases litigated in U.S. courts occurred in the state of New York.

Figure 1: Courts and Presiding Judges in SEC Cryptocurrency Litigations

2013–2021

United States District Court

Number of Actions

Actions Resolved

Judges

Southern District of New York

23

12

Naomi Reice Buchwald, Andrew L. Carter Jr., P. Kevin Castel (2), Denise L. Cote (4), Paul G. Gardephe (2), Alvin K. Hellerstein, John F. Keenan, John G. Koeltl (3), Colleen McMahon, J. Paul Oetkenk, Lorna G. Schofield (4), Louis L. Stanton, Analisa Torres

Eastern District of New York

6

3

Carol Bagley Amon, LaShann DeArcy Hall (2), Raymond J. Dearie, Eric R. Komitee, William F. Kuntz

Central District of California

7

5

Jesus G. Bernal, Michael W. Fitzgerald, Dale S. Fischer (2),

R. Gary Klausner, Mark C. Scarsi, Otis D. Wright II

Northern District of California

2

1

Richard Seeborg (2)

Southern District of California

1

1

Gonzalo P. Curiel

Northern District of Texas

2

2

David C. Godbey, Barbara M. G. Lynn

Eastern District of Texas

1

1

Amos L. Mazzant

Western District of Texas

1

1

Robert Pitman

Southern District of Texas

1

0

Andrew S. Hanen

District of Connecticut

1

1

Jeffrey A. Meyer

District of Columbia

1

1

Trevor N. McFadden

Southern District of Florida

1

1

Robin L. Rosenberg

District of New Jersey

2

0

Stanley R. Chesler (2)

District of Utah

1

0

David Barlow

Western District of Pennsylvania

1

0

W. Scott Hardy

District of Maryland

1

0

Peter J. Messitte

Northern District of Georgia

1

1

Steve C. Jones

District of New Hampshire

1

0

Paul J. Barbadoro

District of Nevada

1

0

Jennifer A. Dorsey

District of South Carolina

1

1

Margaret B. Sey

District of Massachusetts

1

0

Mark G. Mastroianni

District of Idaho

1

0

B. Lynn Winmill

Total

58

31

 

Source: SEC.gov; PACER

Note: The table reports the SEC cryptocurrency litigations resolved as of January 3, 2022.

Litigation Allegations by Venue

  • Among the 29 litigations filed in the state of New York, the SEC alleged fraud in 21 actions and violations as unregistered securities offerings in 19 actions. 

  • Most of the litigations involving allegations against unregistered brokers or unregistered exchanges have been litigated in the Southern District of New York.         

In 2021, the three litigations that the SEC brought against unregistered brokers were filed in the state of New York.

Figure 2: Types of Allegations in SEC Cryptocurrency Litigations by Court Venue

2013-2021

Copyright ©2022 Cornerstone ResearchNational Law Review, Volume XII, Number 19
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About this Author

Simona Mola Senior Manager Cornerstone Research
Senior Manager

Simona Mola conducts financial and economic analyses in complex commercial litigation and regulatory proceedings. Dr. Mola manages teams to support expert witness testimony in all stages of litigation, including deposition and trial. Across a range of corporate finance and corporate governance matters, she addresses issues that include capital formation, disclosure requirements, financial reporting, and executive compensation. In addition, Dr. Mola has expertise with economic issues involving cryptocurrency, initial coin offerings (ICOs), blockchain use cases, and token...

202-912-8970
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