In a landmark ruling that could have far-reaching implications for the crypto industry, a federal judge has sentenced cryptocurrency entrepreneur Do Kwon and his company Terraform Labs, finding them violating US law for failing to register two digital currencies that ultimately collapsed in 2022.
US District Judge Jed Rakoff, presiding over the case in Manhattan, sided with the US Securities and Exchange Commission (SEC) in a lawsuit stemming from the downfall of the TerraUSD and Luna currencies.
Terraform Labs Heads To Trial
According to a Reuters report, the judge’s ruling also denied summary judgment to both parties on the SEC’s fraud claims, setting the stage for a trial scheduled for January 29, 2024.
However, Rakoff dismissed the SEC’s claims that the defendants illegally offered security-based swaps. Terraform Labs strongly disagreed with the decision, maintaining that it did not consider its tokens as securities. Notably, Terraform Labs vowed to continue defending ag
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