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Letter to Attorney General — Ikkurty
Formal letter from Sam Ikkurty to the Attorney General outlining constitutional violations, requesting intervention, and documenting the CFTC's overreach in the Rose City Fund case.
Document Details
Date Filed
March 6, 2025
Agency
Department of Justice
Recipient
Attorney General of the United States
File
Ikkurty_Letter_to_AG_Bondi.pdf
284 KB
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Morrison Cohen LLP | 909 Third Avenue | New York, NY 10022-4784 | P212.735.8600 | F212.735.8708 | morrisoncohen.com
Y. David Scharf
Chair & Co-Managing Partner
(212) 735-8604
[email protected]
March 4, 2025
The Honorable Pamela Bondi
Attorney General of the United States
U.S. Department of Justice
950 Pennsylvania Avenue, NW
Washington, DC 20530-0001
Re: Commodity Futures Trading Commission v. Sam Ikkurty, et al.
(7th Cir. Case No. 24-2684; N.D. Ill. Case No. 22-cv-02465)
Dear General Bondi:
I write to request your assistance to redress a major regulatory overreach carried out by
the Biden Administration’s Commodity Futures Trading Commission (“CFTC”), in a case
currently on appeal before the Seventh Circuit Court of Appeals, in a matter of major national
importance for the cryptocurrency industry.
Under the previous administration, the CFTC sued Sam Ikkurty (“Ikkurty”) and Jafia LLC
(“Jafia”), based on a legal theory that flagrantly violates the plain text of the Commodity
Exchange Act (the “CEA”), illustrates the Biden administration’s unwarranted war on the
American cryptocurrency industry, and exemplifies administrative agencies running amok to
expand their own power and influence.
Ikkurty and Jafia offered a cryptocurrency investment plan to a select group of accredited
investors. They worked with a first-rate law firm to follow the law for such an offering, and filed
the proper forms with the Securities and Exchange Commission. They worked with reputable
accountants and fund administrators. They thought they were doing everything the right way.
But then, the CFTC decided to assert authority – not just over Ikkurty and Jafia, but over
the entirety of the cryptocurrency industry.
The CTFC ran to court, without even informing Ikkurty and Jafia, and obtained an ex
parte TRO. The CFTC froze all of their assets, including their personal assets, and obtained a
receivership to take possession of those assets. On May 16, 2022, ten people – some of them
armed United States Marshals – raided Mr. Ikkurty’s home in Portland and questioned him for
hours.
The CFTC subsequently prosecuted its case in the district court. In that case, the CFTC
confirmed in sworn testimony that they were not aware of any investors that realized any losses.
Midway through the CFTC’s prosecution of its case in the district court, Ikkurty and Jafia’s
lawyers were forced to resign because they could not get paid due to the asset freeze. Ultimately
the district court granted summary judgment in favor of the CFTC, assessing Ikkurty and Jafia
Y. David Scharf
Chair & Co-Managing Partner
(212) 735-8604
[email protected]
March 4, 2025
The Honorable Pamela Bondi
Attorney General of the United States
U.S. Department of Justice
950 Pennsylvania Avenue, NW
Washington, DC 20530-0001
Re: Commodity Futures Trading Commission v. Sam Ikkurty, et al.
(7th Cir. Case No. 24-2684; N.D. Ill. Case No. 22-cv-02465)
Dear General Bondi:
I write to request your assistance to redress a major regulatory overreach carried out by
the Biden Administration’s Commodity Futures Trading Commission (“CFTC”), in a case
currently on appeal before the Seventh Circuit Court of Appeals, in a matter of major national
importance for the cryptocurrency industry.
Under the previous administration, the CFTC sued Sam Ikkurty (“Ikkurty”) and Jafia LLC
(“Jafia”), based on a legal theory that flagrantly violates the plain text of the Commodity
Exchange Act (the “CEA”), illustrates the Biden administration’s unwarranted war on the
American cryptocurrency industry, and exemplifies administrative agencies running amok to
expand their own power and influence.
Ikkurty and Jafia offered a cryptocurrency investment plan to a select group of accredited
investors. They worked with a first-rate law firm to follow the law for such an offering, and filed
the proper forms with the Securities and Exchange Commission. They worked with reputable
accountants and fund administrators. They thought they were doing everything the right way.
But then, the CFTC decided to assert authority – not just over Ikkurty and Jafia, but over
the entirety of the cryptocurrency industry.
The CTFC ran to court, without even informing Ikkurty and Jafia, and obtained an ex
parte TRO. The CFTC froze all of their assets, including their personal assets, and obtained a
receivership to take possession of those assets. On May 16, 2022, ten people – some of them
armed United States Marshals – raided Mr. Ikkurty’s home in Portland and questioned him for
hours.
The CFTC subsequently prosecuted its case in the district court. In that case, the CFTC
confirmed in sworn testimony that they were not aware of any investors that realized any losses.
Midway through the CFTC’s prosecution of its case in the district court, Ikkurty and Jafia’s
lawyers were forced to resign because they could not get paid due to the asset freeze. Ultimately
the district court granted summary judgment in favor of the CFTC, assessing Ikkurty and Jafia
Key Points
Documents CFTC's violation of multiple constitutional amendments
Requests AG intervention to halt ongoing rights violations
Details the impact on 247 million Ethereum wallet holders