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 <p class="is-style-lead">The U.S. Securities and Exchange Commission (SEC) has requested a judge, rather than a jury, to determine whether specific <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies involved in the Terraform Labs case are classified as securities.</p>
 <p>In a Dec. 4 filing, the SEC requested the presiding judge to determine whether certain crypto assets are securities, a role traditionally reserved for a jury.</p>
 <figure class="wp-block-image"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://s3.cointelegraph.com/uploads/2023-12/3e559550-f9a3-471c-aa35-c83421ac4c05.png" alt="SEC seeks judicial ruling on crypto asset classification in Terraform Labs case - 1">
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 <p>The central part of the SEC’s argument rests on applying the Howey test, a longstanding benchmark for defining a security. The commission is firm in its belief that the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies involved in this case meet the criteria of an investment of money in a common enterprise, with profits expected predominantly from the efforts of others.</p>
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 <p>The SEC’s filing stated, “There is no genuine dispute of material fact that Defendants’ <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> offerings involved an investment of money, in a common enterprise, with an expectation of profit to be derived from Defendants’ efforts.” This statement underscores their confidence in the straightforwardness of the case, suggesting no need for a jury’s deliberation.</p>
 <p>This intervention by the SEC is part of a larger pattern of the commission actively categorizing <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies as securities, as evidenced in its actions against industry giants like Binance and Coinbase. In the notable case against Ripple, a federal judge’s decision on the XRP token indicated that it might not be classified as a security, potentially influencing the SEC’s future dealings with Ripple’s top executives.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/sec-seeks-judicial-ruling-on-crypto-asset-classification-in-terraform-labs-case-tbt72719.html">https://thebittimes.com/sec-seeks-judicial-ruling-on-crypto-asset-classification-in-terraform-labs-case-tbt72719.html</a></p>

SEC seeks judicial ruling on crypto asset classification in Terraform Labs case

TheBitTimes

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