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Anderson v. Tether Holdings Ltd.

Plaintiffs Lack Standing to Bring Trade Practices Class Action Against Crypto Defendants

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MEMORANDUM ORDER Matthew Anderson and Shawn Dolifka (“Plaintiffs”) bring this proposed class action against Tether Holdings Limited, Tether International Limited, and Tether Operations Limited, (collectively, “Tether”), as well as IFINEX Incorporated, BFXNA Incorporated, and BFXWW Incorporated, (collectively, “Bitfinex”) asserting claims for violations of the New York Uniform Deceptive Trade Practices Act (N.Y. Gen Bus. Law §349 et seq.), the Nevada Deceptive Trade Practice Act (Nev. Rev. Stat. §41.600), breach of contract, breach of implied contract, unjust enrichment, and declaratory and injunctive relief under 28 USC section 2201. Defendants move to dismiss the Complaint for lack of subject matter jurisdiction and failure to state a claim upon which relief can be granted, pursuant to Federal Rules of Civil Procedure 12(b)(1) and 12(b)(6). (Docket entry no. 30 (“Defs. Mem.”).) Plaintiffs assert that the Court has subject matter jurisdiction of this action on the basis of diversity of citizenship, under 28 U.S.C. section 1332(a), and under the Class Action Fairness Act, 28 U.S.C. section 1332(d). (Docket entry no. 1 (“Compl.”)

53-54.) The Court has considered the parties’ submissions carefully and, for the following reasons, grants the Defendants’ motion to dismiss the Complaint in its entirety. Plaintiffs are granted leave to move to replead within 21 days of the entry of this Memorandum Order. BACKGROUND Unless otherwise indicated, the following allegations are taken from the Complaint and are presumed true for the purposes of this motion. Tether makes and sells cryptocurrency coins known as “Tether tokens” (“USDT”). (Compl.

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