Judge Mark Pittman of the U.S. District Court for the Northern District of Texas. (Photo: Diego M. Radzinschi/ALM) Texas Judge Enters Setback for SEC in Crypto-Securities Action
U.S. District Judge Mark Pittman previously expressed apprehension over entering a ruling and setting a "moving target precedent."
August 02, 2024 at 02:39 PM
4 minute read
What You Need to Know
- A Texas federal district court denied on Thursday the SEC's motion for a default judgment against cryptocurrency mining firm Geosyn.
- U.S. District Judge Mark Pittman held that default judgments are drastic remedies not favored by the federal rules and "resorted to by courts only in extreme situations."
- The case dates back to April, when the SEC filed a lawsuit against Geosyn and its co-founders alleging that they defrauded investors out of $5.6 million.
In a case where the presiding judge previously expressed apprehension over entering a ruling and setting a "moving target precedent," a federal district court in the Northern District of Texas denied on Thursday the U.S. Securities and Exchange Commission's motion for a default judgment against a cryptocurrency mining firm.
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