NY Federal Court Certifies Crypto Class Action

By Gerald L. Maatman, Jr. and Justin R. Donoho

On March 6, 2025, Judge Katherine Polk Failla of the U.S. District Court for the Southern District of New York granted class certification with modifications in a case involving a stablecoin issuer’s alleged issuance of unbacked or debased stablecoins in furtherance of an alleged scheme to manipulate the market prices for crypto commodities and futures in the litigation captioned In Re Tether & Bitfinex Crypto Asset Litigation, No. 19 Civ. 9236, 2026 WL 629826 (S.D.N.Y. Mar. 6, 2026).  The ruling is significant as it shows that while crypto purchasers who file class action complaints alleging violations of the Sherman Act and Commodities Exchange Act may be able to satisfy Rule 23 so long as they offer reliable expert models on class-wide causation and damages and limit their proposed classes to purchasers who used fiat currency or stablecoins to make their purchases on domestic or stateless exchanges, such class actions may also be subject to dismissal based on summary judgment on the question of whether the defendants’ alleged provision of unbacked or debased stablecoins caused an increase in price of crypto commodities and futures. 

Read our full analysis of the class action case on the Duane Morris Class Action Defense Blog.

Replay: Vision 2026: Predicting the Next Major Changes in Crypto

A replay of the “Vision 2026: Predicting the Next Major Changes in Crypto” webinar is now available for viewing.

Disclaimer: The content provided is for informational purposes only and does not constitute financial, investment, or legal advice. While our law firm has substantial experience in cryptocurrency law and regulation, we do not offer advice or opinions on cryptocurrency as an investment. Consult a financial advisor before investing.

Webinar: Vision 2026: Predicting the Next Major Changes in Crypto

Duane Morris will present a webinar, Vision 2026: Predicting the Next Major Changes in Crypto, on Wednesday, February 4, 2026, from 1 p.m. to 2 p.m. Eastern.

Register for the webinar.

About the Program

With the enactment of the Guiding and Establishing National Innovation for U.S. Stablecoins Act, regulators are advancing implementation efforts, while Congress continues to pursue comprehensive digital asset legislation and agencies work to establish a more welcoming regulatory framework for digital assets. In this webinar, attorneys in the Duane Morris Digital Assets and Blockchain Group will discuss:

Legislative Turning Points
-What types of actions are regulators likely to prioritize in 2026? And how will those actions shape or reshape the crypto landscape?

Regulatory Divergence
-Will U.S. and global regulators converge or drift further apart—and what does that mean for businesses?
-What should companies be doing now to prepare for the next regulatory cycle?

Potential Breakthroughs on Real World Use Cases
-Which applications (payments, tokenization, identity, etc.) are poised to move from hype to adoption?
-Which potential breakthroughs may come as a surprise?

Market Adoption Catalysts
-What events or innovations could trigger the next wave of mainstream adoption?

Vietnam Introduces Pilot Program for Virtual Asset Market: What You Must Know

By Dr. Oliver Massmann

On September 9, 2025, the Vietnamese Government issued Resolution No. 05/2025/NQ-CP to implement a five-year pilot program for the virtual assets market. This is a significant development for Vietnam, marking the first time a formal legal framework has been established for the issuance and trading of crypto assets. Key takeaways:

1. Asset Issuance: Only Vietnamese enterprises are permitted to issue virtual assets, and virtual assets can only be issued and offered to foreign investors and traded between the same. The assets issued must be backed by real underlying assets, and not by securities or fiat currencies. Virtual assets service providers are tasked with selecting the virtual assets to be traded.

2. Trading Restrictions: All issuance, trading, and payment activities involving virtual assets must be conducted in Vietnamese Dong (VND). Foreign investors must open a dedicated VND account at an authorized bank for all transactions.

3. Foreign Ownership Cap: While foreign investors are a key target, they are prohibited from holding more than 49% of the charter capital of any licensed service provider.

4. Market Regulation: The Ministry of Finance will oversee the pilot. Only entities licensed by the Ministry can provide services related to the virtual assets market. These service providers must meet rigorous requirements, including a significant minimum charter capital of VND 10 trillion (approx. USD 380 million) and a minimum of 65% institutional ownership.

5. Regulatory Compliance: Participants must strictly adhere to Vietnamese laws on anti-money laundering, counter-terrorism financing, cybersecurity, and data protection. Non-compliance could lead to severe penalties, including license revocation and criminal prosecution.
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Please do not hesitate to contact Dr. Oliver Massmann at omassmann@duanemorris.com if you have any questions or want to know more details on the above. Dr. Oliver Massmann is the General Director of Duane Morris Vietnam LLC.

Disclaimer: The content provided is for informational purposes only and does not constitute financial, investment or legal advice. While our law firm has substantial experience in cryptocurrency law and regulation, we do not offer advice or opinions on cryptocurrency as an investment. Consult a financial advisor before investing.

Emerging Technologies In Harmony: AI, Crypto, and Policy Innovation

By Agatha H. Liu
This article was originally published by the California Lawyers Association. This article has been reprinted with permission.

The nation is well positioned to further develop artificial intelligence (AI) and promote its application, while the government renews its interest in cryptocurrency (crypto) as a significant part of digital assets. Both AI application and crypto hold huge potential to advance collective prosperity, yet they are rooted in complex, disruptive technologies that pose significant challenges for policymakers. Traditionally, the two fields have followed separate trajectories, but their convergence is increasingly evident.

Read the full article on the Duane Morris website.

© 2009- Duane Morris LLP. Duane Morris is a registered service mark of Duane Morris LLP.

The opinions expressed on this blog are those of the author and are not to be construed as legal advice.

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