literally laughed out loud

wE aRe UnReGuLatAbLe!!!!!

"That's a little hollow"

Ah, the classic non-defense defense

"we have no fiduciary duty or otherwise with respect to Tether customers" - Tethers customers remember this.

There's a platform called Poloniex.

Polonius?

Poloniex.

Poloniex.

this judge is really funny, tbh, I like him

This isn't a normal secondary market

"Does there come a point where the disposition of dollars is high enough that people would be at real risk if they think that whatever is backing Tether doesn't exist?

Answer: Customers have no rights, your honor.

THIS IS NOT 74% FOLKS

50% RESERVES

Castiglione pretty funny, too

"I'll hear about it from my boss if I don't make the point."

essentially, we're not in pre-action because we don't have dirt - we're in pre-action because we want even more dirt rn

This is good: "we would contend that this injunction should be limited to the line of credit, to the letter of credit only."

@dividebynine - nifty how they don't want a real audit, huh?

TL; DR (and this is all out already, we just have a transcript now) injunction granted, with conditions. Seems like Finex/Tether's main point (over and over) is there is no jurisdiction. Period. Anywhere.

Court's point and AG's point is Finex can't seem to prove that.