A federal judge denied stablecoin issuer Terraform Labs' motion to dismiss a lawsuit from the SECGov on Monday. nikhileshde reports
A federal judge denied stablecoin issuer Terraform Labs' motion to dismiss a lawsuit from the U.S. Securities and Exchange Commission on Monday.
More importantly, perhaps, Judge Jed Rakoff, of the U.S. District Court for the Southern District of New York, also rejected a ruling from fellow Judge Analisa Torres, who recently ruled that Ripple Labs – another defendant against the SEC – did not violate securities law in making XRP available on secondary platforms for retail investors to purchase.earlier this year on charges of misleading investors about TerraUSD , a stablecoin pegged to the U.S. dollar through the LUNA token, and fraud.
In a motion to dismiss, Terraform argued that people bought UST for practical purposes and did not have an expectation of it being an investment.
During the motion to dismiss stage, the facts in the SEC's complaint must be assumed to be true, he noted, and the SEC said in its filing that Terraform had"embarked on a public campaign to encourage both retail and institutional investors" to buy UST.
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