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Home»TRADING NEWS»Terraform Judge Calls for Jump Trading on the Carpet
TRADING NEWS

Terraform Judge Calls for Jump Trading on the Carpet

By Crypto FlexsDecember 29, 20233 Mins Read
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Terraform Judge Calls for Jump Trading on the Carpet
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Jump Trading plans to pursue a civil trial next year with cryptocurrency company Terraform Labs (Terraform) and the U.S. Securities and Exchange Commission (SEC). The judge ruled that Terraform engaged in the sale of unregistered securities, but new insight may be needed into how Jump Trading acted as a market maker for the company.

The judge ruled that Terraform Labs did not engage in an unregistered securities exchange. His request to join Jump Trading came after a whistleblower claimed to know of Jump’s intention to support TerraUSD in May 2021.

Judge demands clarity on jump participation

If true, it would call into question inventor Dokwon’s claims about how his algorithm is able to keep TerraUSD at $1. The judge said the SEC’s current evidence on the matter is “strong but circumstantial.”

The court must also determine the credibility of the whistleblower.

TerraUSD crash May 2022 | Source: Bloomberg

Terraform Labs denied selling unregistered securities. The judge set a new trial date of January 29, 2023.

Last February, the SEC sued Kwon and Terraform, accusing them of removing $40 billion from the cryptocurrency market by offering unregistered securities. Mr. Kwon is serving time in Montenegro on charges of passport fraud.

Read more: FTX collapse explained: How did Sam Bankman-Fried’s empire fall?

What will 2024 mean for the SEC and cryptocurrencies?

The Terraform ruling ends a year of high-profile enforcement of cryptocurrency products, companies and individuals. In 2023, there were 501 standalone enforcement actions, including several cryptocurrency cases.

The SEC sued PulseChain founder Richard Heart, former FTX CEO Sam Bankman-Fried, and FTX executives. Bankman-Fried, who was convicted of the crime last November, will face the wrath of the SEC in March.

The SEC’s lawsuit against Heart will continue into the new year because the SEC was unable to directly notify Heart of its enforcement action.

Coinbase is also engaged in fierce competition with the SEC to clarify U.S. cryptocurrency regulations. The SEC may also have to defend Ripple Labs’ appeal and decide whether to approve multiple spot Bitcoin exchange trading funds.

Read more: How to Prepare for a Bitcoin ETF: A Step-by-Step Approach

Do you have anything to say about Jump’s alleged involvement in the Terraform series? Or something else? Write to us or join the discussion in our Telegram channel. TikTok, Facebook or X (Twitter).

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In compliance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. These news articles aim to provide accurate and timely information. However, before making any decisions based on this content, readers are encouraged to check the facts and consult with experts. Our Terms of Use, Privacy Policy and Disclaimer have been updated.

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