Judge Denies Torres Ruling To Dismiss SEC Lawsuit, What It Means For XRP And Terra?
Judge Denies Terra and Do Kwon’s Motion to Dismiss SEC Lawsuit US SEC lawsuit against Terraform Labs (TFL) and Do Kwon to proceed and Torres ruling doesn’t count as precedent, according to an order by Judge Jed Rakoff of District Court for the Southern District of New York (SDNY). advertisement Judge Rakoff denied Terra’s motion to dismiss the lawsuit stating that the SEC has sufficiently argued it has jurisdiction and “asserted a plausible claim” that TerraUSD (UST), the Anchor Protocol, and LUNA may have violated securities laws. “The Court declines to draw a distinction between these coins based on their manner of sale, such that coins sold directly to institutional investors are considered securities and those sold through secondary market transactions to retail investors are not. In doing so, the Court rejects the approach recently adopted by another judge of this District in a similar case, SEC v. Ripple Labs.” Rea...