Terra Classic

<ul><li>The judge overseeing the SEC&#39;s case against Terra and Do Kwon has rejected the XRP ruling from the Ripple case.</li><li>New York Judge Jed Rakoff has allowed the SEC to proceed with its fraud lawsuit against Kwon and Terra.</li><li>Kwon previously cited the XRP ruling in an attempt to get the SEC’s lawsuit against him dismissed.</li></ul>U.S. District Judge Jed Rakoff recently rejected the Ripple ruling passed by fellow federal Judge Analisa Torres, which stated that the XRP sold on secondary markets to retail investors did not qualify as securities. The rejection came after Judge Rakoff allowed the Securities and Exchange Commission (SEC) to proceed with fraud charges against Terraform Labs and its disgraced co-founder Do Kwon.In February 2023, the SEC <a href="https://www.sec.gov/news/press-release/2023-32" rel="noopener noreferrer nofollow">sued</a> Do Kwon and Terraform Labs and charged them with orchestrating a multi-billion dollar crypto asset securities fraud. At the time, the SEC alleged that Terra facilitated the sale of multiple security tokens like UST, MIR, and LUNA. Violations of U.S. securities laws were a major element of the SEC’s lawsuit.However, following the <a href="https://www.nysd.uscourts.gov/sites/default/files/2023-07/SEC%20vs%20Ripple%207-13-23.pdf" rel="noopener noreferrer nofollow">summary judgment</a> by Judge Analisa Torres in the SEC’s <a href="https://www.sec.gov/news/press-release/2020-338" rel="noopener noreferrer nofollow">lawsuit</a> against Ripple, XRP’s sale to retail investors on secondary markets was deemed a non-securities offering that did not constitute an investment contract. Do Kwon’s lawyers cited the XRP ruling when they entered a <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.594150/gov.uscourts.nysd.594150.47.0.pdf" rel="noopener noreferrer nofollow">motion</a> to dismiss the SEC’s lawsuit earlier this month.-Read full article at<a href="https://cryptotale.org/terraform-judge-refuses-to-consider-xrp-precedent-set-in-ripple-lawsuit/" rel="noopener noreferrer nofollow"> CryptoTale.</a>

Terraform Judge Refuses To Consider XRP Precedent Set In Ripple Lawsuit

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