VanEck Director: Tether lawsuit sets example and sets precedents and boundaries in financial innovation and more

VanEck director Gabor Gurbacs retweeted Stuart Hoegner, General Counsel of Bitfinex, on the progress of the Tether lawsuit, commenting, "Whatever your position on Tether, this case will cover global and cyberspace in financial innovation, currency privatization, and regulation. Set an example, set a precedent and set boundaries. "
According to reports, Tether officially issued a statement saying that it had submitted a summary of the response to the New York Supreme Court's First Division (Appeals Division) in response to a briefing filed by the New York Attorney General's Office (NYAG) nearly 10 days ago. Tether believes that the entire proceedings of NYAG should have been rejected by the Supreme Court in the first instance. The procedure was not caused by any actions by Bitfinex or Tether in New York, and Tether Tokens are not securities or commodities under the New York Martin Act. In addition, NYAG's presentation reads as if it were the regulators of Bitfinex and Tether, but apparently not. In addition, NYAG's factual statements are highly misleading. Tether has proven itself to be a useful, liquid, and trusted digital asset in the crypto ecosystem, and its use cases and market value have been increasing since NYAG began this work.