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SEC Wins Court Case! The U.S. District Court has ruled in favor of the Securities and Exchange Commission (SEC) in its case against Terraform Labs and its former CEO, Do Kwon, alleging that they sold unregistered securities.
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The court issued a summary judgment in favor of the SEC on the complaint, which alleged that the defendants offered and sold LUNA and MIR tokens in violation of Sections 5(a) and (5c) of the Securities Act of 1933.
The New York court signed a summary judgment against the defendants on the allegations of unregistered securities sales. The court also rejected the defendants’ motions to strike the testimony of two SEC experts, Dr. Bruce Mizrach and Dr. Matthew Edman, as well as Dr. Terrance Hendershott.
The SEC alleges that Kwon orchestrated a plan to defraud investors in a fake cryptocurrency that lost at least $40 billion in market value in 2022.
The ruling could be a major turning point for the cryptocurrency industry. The SEC has argued that cryptocurrencies should be regulated as securities, and this ruling increases the SEC’s chances of winning that case.
The ruling is also a significant blow to Kwon and Terraform Labs. Kwon is a major figure in the cryptocurrency industry, and this ruling could damage his reputation and the future of his company.
The ruling is also a warning to cryptocurrency investors. This ruling shows that cryptocurrency investments should be carefully researched before investing.
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