Craig S. Wright, the self-proclaimed “Satoshi Nakamoto,” has been ordered by the United States District Court of the Southern District of Florida to appear in person for mediation on June 18th, 2019 in Miami, Florida.
Wright, nChain’s Chief Scientist and Bitcoin SV proponent, has been despised by much of the community for his repeated claims of being Satoshi Nakamoto, the creator of Bitcoin, the world’s premier cryptocurrency.
According to the court order, Wright, the defendant in the case, had apparently asked permission from the court to appear by video conference for the mediation of the case, stating that it would cause him “unjustifiable hardship” if his personal appearance was required on June 18th, 2019.
However, the plaintiff Ira Kleiman, stated that Wright’s presence was necessary for meaningful participation in the case and opposed the idea of video conference by the defendant.
The court however, denied Wright’s request and ordered both parties to be actively present in person when the mediation takes place on the decided date in Florida.
The aforementioned case has been pending before the court since February 14, 2018. According to the order, the case had already been rescheduled by the agreement of both parties.
The debate around whether Craig Wright is the pseudonymous creator of Bitcoin has dragged on for a long time, and has involved the participation of the likes of Peter McCormack, who is presently being sued for calling Wright a “fraud”. Peter McCormack received a legal notice for his actions and is now preparing for a legal battle against Craig Wright and Calvin Ayre.
Upon receiving the letter from Calvin Ayre, Peter McCormack had responded,
“I believe that claiming to be Satoshi and promoting a fake version of Bitcoin is fraudulent. I believe this is in the public interest. Let’s go to court.”
Further, in a bid to establish his claim, Wright had also filed for United States copyright registration over the original Bitcoin [BTC] white paper, originally written by Satoshi Nakamoto.
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ErisX goes all hands on deck to launch a Bitcoin Futures market
ErisX’s CSO, Matt Trudeau, detailed the company’s four important plans for the future, which includes launching a spot market, to secure a Bit License, DCO, and to launch a futures market.
ErisX currently has a DCM contract, which is a Derivative Contract Market that allows ErisX to run a CFTC-regulated futures exchange. However, ErisX aims to get a DCO [Derivatives Organization], which will effectively allow it to run a CFTC-regulated clearinghouse. A clearinghouse would mean that ErisX can take control of the custody of the assets and clear and settled trades.
The CSO explained the benefit of this, stating,
“There is some efficiency for firms like producers [like mining companies]; if they need to hedge their inventory or need liquidity on a spot market, they could do that conveniently on a single platform. “
Trudeau added that from the “post-trade standpoint” and “the collateral management standpoint,” ErisX would have cash, crypto, and the futures, all stored in their clearinghouse. This would boost efficiency since it would be available for all customers under a single platform. The CSO added,
“… so there is some efficiency in terms of managing collateral, if you don’t have assets on multiple platforms, it can all be in our clearinghouse.”
Apart from the aforementioned plans, Trudeau added that the crypto-industry needs to mature more and that ErisX plans to make a significant contribution to that. He added,
“The market is professionalizing and we think that in terms of what institutions are expecting from a trading/custody experience, we will bring some of the solutions to the market and that’s really the foundational pieces that they are looking in order to build their businesses on top of us.”
Apart from ErisX, LedgerX has also received a go-sign from the CFTC to settle Bitcoin Futures in Bitcoins. Other exchanges include Intercontinental Exchange’s Bakkt and Seed CX.
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