For crypto investors, 2023 has been a year with a focus on the SEC. Indeed, it was clear by the end of 2022 that this would be the case. High-level SEC officials openly stated that crypto companies disregarding the commission would experience a nightmare year. Indeed, numerous cryptocurrencies and crypto companies felt the nightmare to their core. Especially the first week of June was the longest week because lawsuits were filed against the two biggest exchanges within two days.
Verdict Reached in Crypto Case
The Terra collapse affected dozens of crypto companies and millions of investors last year. We witnessed the chain bankruptcy of many companies, including FTX. The US intervened in this matter because there were many victimized citizens, and a lawsuit was filed against TerraLabs and Do Kwon. Now, according to a Reuters report, we learn that a decision has been announced in favor of the SEC.
The Judge, ruling on the unregistered securities sale, did not make a surprising decision because we had said there was a dispute between this case and the XRP Coin case. While XRP Coin exchange sales were not considered securities, LUNA and UST sales had been previously described as securities. For more details, we can go back to the days when Ripple‘s senior executives spent some time pondering this issue and explained that the workings of UST and LUNA were very different from XRP Coin.
Following the news, the price of LUNA Coin fell to $0.848. Now that it has been definitively established as a security by the court decision, it was delisted from exchanges in the US region, and the start of a long-term downtrend would not be surprising. However, those chasing speculative trades before might strive for a few irrational rises because the daily volume is around 20 million dollars (Binance), and the order book is not that deep.
