Today,theHon.JoelM.CohenoftheNewYorkSupremeCourt(CommercialDivision)grantedourmotiontomodifytheinjunctionobtainedbytheNewYorkAttorneyGeneralagainstourbusinessbecausetheoriginalinjunctionwasvague,overbroad,andnottime-limited.Thecourt’sorderallowsBitfinexandTethertocontinuetheirnormalbusinessactivities.Italsostipulatesthattheinjunctionwillexpirein90daysandthattheburdentoseekanyrenewalfromthecourtrestssquarelyontheshouldersoftheNewYorkAttorneyGeneral’soffice,whereitbelongs.JudgeCohenheldthatNewYork’sMartinAct“doesnotprovidearovingmandatetoregulatecommercialactivity.”
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ThisorderisavictoryintheongoingdefenceofourbusinessagainsttheNewYorkAttorneyGeneral’soffice.
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WearegratefulthatJudgeCohenrecognized,inargumentbeforehiscourt,thattheoriginalinjunctionobtainedbytheNewYorkAttorneyGeneralwas“bothamorphousandendless,”andthatItneededtobe“asnarrowaspossible.”Webelievethatthecourt’sdecisiontodayleavesnodoubtthatbothTetherandBitfinexareentitledtoruntheirbusinessesintheordinarycourse,evenduringtheshortperiodwhenthisnownarrowedpreliminaryinjunctionisinplace.
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TheNewYorkAttorneyGeneral’sofficehassoughttoproceedexparteagainstusandinbadfaith,notwithstandingourprevious,historical,andvoluntaryco-operationwiththem.WewillvigorouslydefendagainstanyactionbytheNewYorkAttorneyGeneral’soffice,andweremaincommitted,asever,toprotectingourcustomers,ourbusiness,andourcommunityagainsttheirmeritlessclaims.
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