Judge rules Terraform Labs violated rules: LUNA and MIR deemed securities
Federal Judge Rakoff rules $LUNA and $MIR as securities, finding Terraform Labs violated U.S. laws. SEC trial, scheduled Jan 29, 2024, centres on Terra’s UST stablecoin collapse and $25M alleged fraud. Jump Trading’s involvement adds complexity; the SEC insists Judge Rakoff, not a jury, decides securities status. In a recent legal development, Federal Judge Jed Rakoff ruled in favour of the U.S. Securities and Exchange Commission (SEC) against Do Kwon and Terraform Labs. The judgment asserts that Terraform violated U.S. securities laws by selling unregistered securities, specifically LUNA and MIR tokens. This decision sets the stage for a trial scheduled to commence on January 29, 2024, shedding light on alleged fraudulent activities and the involvement of the SEC . LUNA and MIR tokens deemed securities In the summary judgment, Federal Judge Jed Rakoff sided with the SEC in the case against Do Kwon and Terraform Labs. The ruling established tha...