Terrain Lab gave a huge blow Securities and Exchange Commission (SEC)’s ongoing legal battle with the Commission. Lawyers representing the cryptocurrency company questioned the commission’s actions and used a recent case to support their argument as to why a ruling should be made in their favor.
Terraform Labs mentions another case for supporting movement
in a court filing On December 4, the defendant cited SEC case against digital licensing as a supplementary agency in support of its motion for summary judgment.They noted how the chief judge in the case, Robert Shelby, ruled and in order to show Reasons against the Commission.
The court is in Digital licensing case found that the SEC made such material misrepresentations and ordered the Commission to show why it should not be sanctioned. Lawyers for Terraform Labs emphasized the relevance of the case’s decision to their arguments regarding the “SEC’s general use of evidence excerpts” and certain charges.
The defendant hopes that the court’s ruling on the cited case will affect Judge RakoffThe judge in their case ruled in their favor. They specifically mentioned the summary judgment motion they filed on October 27, as Terraform Labs argued that the SEC had not established a case as a matter of law.
Previously, when Judge Rakoff reviewed Terra tokens are securities and rule The SEC has fully certified that UST and LUNA coins can be considered securities. Therefore, it remains to be seen whether Judge Rakoff will be inclined to rule in favor of Terraform Labs this time around.
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The U.S. Securities and Exchange Commission (SEC) got it wrong from a legal perspective
Arguably, the Commission made mistakes in its cryptocurrency enforcement actions. The most high-profile of these is the case against Ripple, which so far has been a complete disaster for the committee. For years, judges have maintained that XRP is a security, but Judge Analisa Torres offered some clarification: RulingXRP It is not a security in itself.
Amid all this, a pattern appears to be emerging that suggests the committee may be more concerned about its beliefs rather than what the law says. Ripple Chief Legal Officer Stuart Aldrotti recently spoke of this “troubling pattern.”he mention How the court found the commission showed “hypocrisy” in the Ripple case.
Similarly, The court also found The SEC displayed “arbitrary and capricious” behavior in the way it handled Grayscale’s application.The latest of which happens to be Digital licensing casethe SEC resorted to misrepresentation simply to achieve its goals.
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