Eric Tung, a company lawyer with a monitor report of representing crypto corporations, is poised to affix one of the crucial 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 associate on the legislation agency Jones Day since 2019, has had purchasers that embrace digital foreign money corporations.
Courtroom information 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 World Buying and selling Restricted, the dad or mum firm of the BitMEX change.
Ought to he be confirmed as a federal choose, he would doubtless cowl appeals in circumstances involving Silicon Valley-based companies that file within the jurisdiction, which would come with many cryptocurrency corporations.
Watchdog flags deregulatory push
Tung’s appointment has drawn criticism, with watchdog group Accountable.US saying the potential choose may assist deregulating digital property as a part of Trump’s administration crypto agenda.
The president has already radically modified management at monetary companies overseeing digital property such because the US Securities and Trade Fee, and has his choose into consideration within the Senate to guide the Commodity Futures Buying and selling Fee.
“Tung has constructed his profession representing crypto corporations searching 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 corporations, he argued for looser legal responsibility on a crypto software.”
Cointelegraph reached out to Tung for remark however had not acquired a response on the time of publication.
Associated: Court ends Coin Center-US Treasury appeal over Tornado Cash
Vital crypto circumstances have handed via the Ninth Circuit
Any federal choose overseeing appeals can have appreciable affect over how civil and felony circumstances are dealt with sooner or later. Many know-how corporations, together with these concerned with crypto and blockchain, file within the Ninth Circuit when acceptable.
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 acquired 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 choose, as each the Home of Representatives and the Senate have been focused on passing three bills associated to digital property.
Journal: GENIUS Act reopens the door for a Meta stablecoin, but will it work?
