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Wright and Kleiman File for Joint Motion to Extend Pre-Trial Deadlines in Florida Court

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Wright and Kleiman have been involved in a legal battle for years over 1.1 million Bitcoins supposedly gained after they participated in the creation of the asset.

As Bitcoin gains momentum for a new major anticipated bull wave, the embattled billion-dollar lawsuit between Craig Wright and the Kleiman family has taken a new twist.

According to Florida court files, the two parties, Wright as the defendant and Kleiman as the plaintiff, jointly requested the court to extend certain remaining pre-trial deadlines. Particularly, they requested the court to reset the trial to April 5, 2021.

“Specifically, the parties request that the Court reset the following deadlines set forth in this Court’s September 3, 2020,” the court file indicated.

The Twist in Craig Wright and Kleiman Lawsuit

Notably, the two antagonistic parties proposed the extension of the trail deadlines so that each comes before the new proposed date.  The proposal requests the exhibit lists/objection be scheduled for March 16, the demonstrative summary exhibit on March 22, and the court calendar call on March 16.

The two plans to use the extended period to polish on specific joint presentations of the exhibits and also objections. Hereby anticipating to reduce the list of raised disputes that could require the court’s intervention.

“Using the proposed deadlines to make streamlined, focused decisions will conserve judicial and party resources and lead to a better, and better considered, presentation of each side’s position at trial,” the joint proposal read.

Apparently, in addition to the revised dates proposed by the joint team, the Florida court has ruled to exclude previous statements that undermine Wright’s credibility. Some of the statements highlighted by Wright’s legal team include one made by Judge Reinhart on August 27, 2020, that states he was not convinced Wright was telling the truth.

The statement read that “during his testimony, Dr. Wright’s demeanor did not impress me as someone who was telling the truth. When it was favorable to him, Dr. Wright appeared to have an excellent memory and scrupulous attention to detail. Otherwise, Dr. Wright was belligerent and evasive.” In one of the court files, Wright intends to argue that the plaintiff does not have the right to inherit the possession based on the hostile relationship with the deceased.

On the Flipside

Wright and Kleiman have been involved in a legal battle for years over 1.1 million bitcoins supposedly gained after they participated in the creation of the asset.

As a result, if Wright agrees to deposit the requested amount of Bitcoins to Kleiman’s wallet address, it would make him either the real Satoshi or part of the team involved.

With Bitcoin trading around $17,870 at the time of writing, the contested Bitcoins are worth over $19.6 billion. More than what Grayscale Bitcoin Trust funds hold at the moment, or XRP total market cap.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



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Institutional Participation Pushed BTC Price Close to $20K, Altcoin Season Expected Soon

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Analysts are hopeful that Bitcoin’s and the overall cryptocurrency market fundamentals are more powerful than ever before. The latest market correction provides fresh opportunities for investors to take long-term positions.

Before the latest market correction, Bitcoin‘s sudden surge close to its all-time high has captivated retail investors and institutions alike. One of the major driving forces behind BTC’s rapid price surge has been massive institutional money inflow. In fact, in the month of November, there’s been massive institutional accumulation for Bitcoin. However, it’s worth mentioning that the altcoin season has all chances to come quite soon too.

The Grayscale Bitcoin Trust (GBTC), a Bitcoin investment vehicle from digital asset manager Grayscale, hit major milestones in the last few weeks. The Grayscale Bitcoin Trust holds more than half-a-million BTC as of date, with total valuations over $10.1 billion. Nick Cote of gamified trading platform Hxro Labs told Cointelegraph:

“The primary reason for the steady grind up in Bitcon has been the increased interest and aggressive buying activity from institutions. A lot of investors are going through Grayscale.”

Cote also points at some of the top public-listed financial giants like MicroStrategy and Square who have millions-of-dollars in BTC. These companies have entered BTC as a potential inflation hedge against poor monetary policies by the central banks. Cote called this behavior the “positive feedback loop” for the crypto markets. He added:

“There will be pullbacks of course, but as long as institutions believe in the narrative of Bitcoin being used as a store of value or hedge against inflation, it becomes a positive feedback loop.”

Altcoin Season Coming Soon

NEM head of trading Nicholas Pelecanos said that Bitcoin’s fundamentals have turned stronger than ever before. He cites different reasons like public listed companies moving extra cash to BTC. Besides, some of the fundamental factors are also post-halving supply dynamics. Pelecanos next big bet is the altcoins market. He stated:

“BTC is back at its all-time high levels, but what is worth noting is the valuation of the altcoins which are on average still 50% below their all-time highs”.

However, he asks to be selective while picking altcoins. He notes that several altcoins have failed in attracting adoption. “Some altcoins represent projects that are no longer functioning, yet other projects have seen tremendous development on both adoption and tech,” explained the expert.

Well, Wednesday’s crypto market correction has wiped out over $50 billion from the overall cryptocurrency market cap. The marketwide correction provides new opportunities to make a fresh entry.

On the other hand, crypto analyst Michaël van de Poppe asks investors to maintain caution. “At this point, don’t feel FOMO on things like ETH or XRP. There will definitely be more bullish momentum in the coming months, but be protective of capital,” he added.

More news from the crypto industry can be found here.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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Coinbase Preemptively Rebuts Unpublished New York Times Expose

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Cryptocurrency exchange Coinbase has publicly shared an internal letter pushing back at an as-yet unpublished article in the New York Times that, it says, will allege Black employees had “negative experiences” while with the firm.

The letter, posted on the company’s blog Thursday, states that NYT journalist Nathaniel Popper has been interviewing current and former staff over recent weeks and will “allege that a number of Black employees and contractors referenced in the story filed complaints with the company.”

“In reality, only three of these people filed complaints during their time at Coinbase. All of those complaints were thoroughly investigated, one through an internal investigation and two by separate third-party investigators, all of whom found no evidence of wrongdoing and concluded the claims were unsubstantiated.”

The letter, which was not signed but references the first person in places, appears to be an effort to take the sting out of the report by controlling the narrative before it’s even started. “We provided several written, on-the-record statements to The Times. We have no control over whether and how The Times uses those statements (in whole or in part) in the story,” Coinbase says.

The letter goes on to say that, despite the firm’s “best efforts” to provide relevant information to Popper, Coinbase expects “the story will paint an inaccurate picture that lacks complete information and context.”

“Finally, let me be absolutely clear on these points: We are committed to maintaining an environment that is safe, supportive and welcoming to employees of all backgrounds,” the unnamed writer (possibly CEO Brian Armstrong) says. “We do not accept intolerant behavior. And we are committed to the refreshed Belonging, Inclusion and Diversity strategy we rolled out earlier this quarter.”

The New York Times will publish the article in print on Sunday and possibly before that in online versions, according to the post.

The anticipated article and the firm’s preemptive response are now building to be the second major PR blow for Coinbase this year, after a controversial blog post from Armstrong in the summer set out that he would effectively bar most political activism in its workplace and focus on the “mission.”

The missive apparently came about after internal protests were sparked when the CEO would not publicly back the “Black Lives Matter” movement, but would state that “black lives matter.” He later compromised in a tweet.

At least 60 people took the opportunity to leave in September, including several executives, after Coinbase offered severance packages to staff unhappy with the new stance.





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Coinbase CEO Brian Armstrong Shares Concerns on Rumoured New US Crypto Regulation

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Coinbase CEO Brian Armstrong also explained the reverse effects of the rumored regulation.

The CEO of digital currency exchange platform Coinbase Brian Armstrong expressed his opinion on the rumors that the US Treasury may implement unfavorable regulation on the crypto industry. Armstrong highlighted the details of the rumored regulation in a Twitter thread.

Already, the CEO said Coinbase, along with other crypto companies and investors, have contacted the US Treasury regarding the matter.

On the 25th of November, Armstrong shared his concerns on the proposed regulation.

He noted that the new regulation may affect non-custodial wallets which allow crypto holders to store and use their digital assets without relying on a third party. If the rumors are true, the CEO said financial institutions will begin to verify the owner of a self custodial wallet. After then, the institution would need to gather information on the individual. The institution will only approve and send withdrawals after verifying identity of the owner of the self-custodial wallet.

Although the new process appears proper and secured, Armstrong said it is a bad idea practically. He said it is mostly “impractical” for financial institutions, like Coinbase, to garner information on recipient identity in the crypto economy. Stating that several crypto users pay for good and services online using digital currencies, he asked:

“Does it make sense to require customers to help verify the identity of a business before they can buy a product there?”

The CEO highlighted other reasons that make the rumors regulation impractical. He said that some crypto users may not even own any government-issued identification cards or permanent addresses. Hence, it would be difficult to verify their identities.

In addition, he said the new regulation may be intruding on people’s financial privacy. He said the rule may be unfavorable to crypto holders who are limiting the information they disclose on their companies.

Coinbase CEO Explained Possible Effects of US Treasury Rumored Regulation

In his Twitter thread, Brian Armstrong also explained the reverse effects of the rumored regulation, if true. He said if the US Treasury passes the rule, it may result in a reduced number of transactions from crypto financial institutions to self-custodial wallets. Armstrong warned:

“This would be bad for America because it would force U.S. customers to use foreign unregulated crypto companies to get access to these services. And long term, I believe this would put America’s status as a financial hub at risk.”

He added that the rumored crypto regulation would be a terrible legacy with long-lasting adverse effects on the US.

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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.





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