Court Denies Motions for Reconsideration
A federal judge has denied multiple motions for reconsideration in the U.S. Securities and Exchange Commission (SEC) lawsuit against Terraform Labs (Terra) and co-founder Do Kwon. The judge has once again ruled in favor of the SEC, stating that Terra and Do Kwon violated the Securities Act.
SEC Brings Terra Ruling in Coinbase and Binance Cases
Following its partial victory in the Terra lawsuit, the SEC has filed a notice of supplemental authority in the Coinbase and Binance lawsuits. The agency argues that the ruling in the Terra case is relevant to other security violation cases and urges the court to consider its judgments.
The SEC specifically points out that the definition of an “investment contract” was addressed in the Terra case, rejecting the defendants’ attempts to disregard established law. According to the SEC, an investment contract does not refer to just a contract, transaction, or scheme.
Hot Take: SEC Prevails in Lawsuit Against Terra and Do Kwon
In a significant development, a federal judge has sided with the U.S. SEC in its lawsuit against Terraform Labs and Do Kwon. The court has denied multiple motions for reconsideration, reaffirming that Terra and Do Kwon violated securities regulations.
Furthermore, this ruling has implications beyond the Terra case. The SEC has used it as supplemental authority in ongoing lawsuits against Coinbase and Binance, arguing that the definition of an “investment contract” was clarified and rejecting attempts to undermine established law.
By
By
By
By
By