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Home»BITCOIN NEWS»Terraform Labs shocks SEC as lawyers raise doubts about regulator’s conduct
BITCOIN NEWS

Terraform Labs shocks SEC as lawyers raise doubts about regulator’s conduct

By Crypto FlexsDecember 5, 20233 Mins Read
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Terraform Labs shocks SEC as lawyers raise doubts about regulator’s conduct
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Terraform Labs It was a huge blow to Securities and Exchange Commission (SEC) continues its legal battle with the Commission. Lawyers representing cryptocurrency companies have questioned the commission’s actions and used recent cases to support their argument as to why the ruling should be in their favor.

Terraform Labs hints at another use case to support motion.

in court filing The defendant cited the following dated December 4: SEC lawsuit over digital licensing It is a supplementary body supporting a motion for summary judgment. They asked how the judge in the case, Chief Judge Robert Shelby, made the decision. order to show Causes against the Commission.

the court Digital License Case The SEC found that very serious misrepresentations had been made and ordered the Commission to show cause why sanctions could not be imposed. Terraform Labs’ attorneys emphasized how the decision in the case relates to claims and specific claims about “the SEC’s general use of evidence excerpts.”

Defendants expect the court’s rulings in the cited cases to have an impact. Judge Rakov, the judge handling their case rules in their favor. Because Terraform Labs believes the SEC is not suing them as a matter of law, they specifically noted the motion for summary judgment they filed on October 27th.

The SEC previously won a major victory in this case under Judge Rakoff. Terra tokens were securities and rule The SEC has sufficiently proven that UST and LUNA coins can be considered securities. So it remains to be seen whether Judge Rakoff will rule in favor of Terraform Labs this time.

Total market cap rises above $1.5 trillion | Source: Crypto Total Market Cap on Tradingview.com

The SEC is wrong in the eyes of the law.

It could be said that the Commission errs in its cryptocurrency enforcement actions. The most notable of these is the incident with Ripple, which has been a total disaster for the Commission so far. After years of insisting that XRP is a security, Judge Analisa Torres provided some clarity: XRP ruled It wasn’t security in and of itself.

In all of this, a pattern seems to be emerging that suggests the Commission may be focusing more on its own beliefs. than what the law says. Chief Legal Officer at Ripple Stuart Alderotti We talked about this “troubling pattern” recently. that talking How the court found the commission demonstrated “hypocrisy” in the Ripple case.

similarly, The court also found It said the SEC acted in an “arbitrary and capricious” manner in how it handled Grayscale’s application. The latest of them are: Digital License CaseThe SEC made misrepresentations to get its way.

Featured image from Unsplash, chart from Tradingview.com

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