Eric Tung, a company lawyer with a monitor document of representing crypto companies, is poised to hitch one of the vital influential federal courts in america.
On Tuesday, US President Donald Trump sent Tung’s nomination to the Senate to be a US Circuit Choose for the Ninth Circuit, which covers Arizona, Idaho, Montana, Oregon, Washington, Nevada, California Alaska and Hawaii.
Tung, a companion on the regulation agency Jones Day since 2019, has had purchasers that embody digital foreign money firms.
Courtroom data show that Tung represented the advocacy group Blockchain Affiliation whereas at Jones Day in a case filed by six Twister Money customers in opposition to the US Treasury Division. He additionally represented an investor submitting a lawsuit in opposition to HDR International Buying and selling Restricted, the mother or father firm of the BitMEX alternate.
Ought to he be confirmed as a federal decide, he would possible cowl appeals in circumstances involving Silicon Valley-based companies that file within the jurisdiction, which would come with many cryptocurrency firms.
Watchdog flags deregulatory push
Tung’s appointment has drawn criticism, with watchdog group Accountable.US saying the potential decide might help deregulating digital belongings as a part of Trump’s administration crypto agenda.
The president has already radically modified management at monetary companies overseeing digital belongings such because the US Securities and Change Fee, and has his decide into account within the Senate to steer the Commodity Futures Buying and selling Fee.
“Tung has constructed his profession representing crypto companies looking for to keep away from authorities regulation,” said the watchdog, in a Thursday discover.
“He served as counsel for a stablecoin supplier in a short arguing standalone gross sales of stablecoins aren’t securities. He represented the Blockchain Affiliation in a short opposing regulation of immutable good contracts. Whereas representing an funding agency backing crypto firms, he argued for looser legal responsibility on a crypto device.”
Cointelegraph reached out to Tung for remark however had not obtained a response on the time of publication.
Associated: Court ends Coin Center-US Treasury appeal over Tornado Cash
Vital crypto circumstances have handed by way of the Ninth Circuit
Any federal decide overseeing appeals can have appreciable affect over how civil and prison circumstances are dealt with sooner or later. Many know-how firms, together with these concerned with crypto and blockchain, file within the Ninth Circuit when applicable.
In 2024, a panel of three judges within the circuit partially reversed a class-action lawsuit alleging that Binance.US had manipulated the value of Hex (HEX). Nvidia, the semiconductor firm primarily based in California, went through the Ninth Circuit in a 2018 case introduced by a few of its shareholders over undisclosed gross sales to crypto miners.
As of Tuesday, Tung’s nomination had been obtained by the Senate and referred to the Committee on the Judiciary. It’s unclear when the chamber will contemplate a vote on the potential federal decide, as each the Home of Representatives and the Senate have been focused on passing three bills associated to digital belongings.
Journal: GENIUS Act reopens the door for a Meta stablecoin, but will it work?
