The legal process between the U.S. Securities and Exchange Commission (SEC) and Terraform Labs (Terra) along with its co-founder Do Kwon continues following the events that triggered the collapse of cryptocurrencies in 2022. Most of the requests for reconsideration of past decisions made by a U.S. federal judge have been denied. The judge showed a stance in favor of the SEC, taking into account a recent decision that Terra and Do Kwon violated the Securities Act and did not reconsider it.
Court Denies Reconsideration Request
U.S. Federal Judge Jed S. Rakoff rejected a court filing dated January 11. The application included Terraform Labs and Do Kwon’s requests for reconsideration, and the decision was made in favor of the U.S. SEC. The judge found the reasons stated by the SEC in response to the defendants’ requests for reconsideration to be valid.
Terra and Do Kwon’s application contained a request to reconsider a previous decision that dismissed the views of expert Raj Unny regarding discovery and summary judgment. Additionally, as we reported recently, Terra’s representatives also requested the court to reconsider the involvement of Dr. Matthew Edman in the case.
However, Terra’s expectations were not met. The court rejected the requests related to Dr. Matthew Edman and Mr. Raj Unny.
SEC Moves Against Binance and Coinbase
The SEC achieved a partial victory in the Terra case and following this success, filed for additional authority in its ongoing cases against leading global exchanges Binance and Coinbase. In the application made by the SEC, it was stated that the decision on Terra was related to other security violation cases, while the court was invited to view the Terra case as a precedent.
While all this is happening, there is ongoing activity in altcoins related to Terra and Do Kwon. At the time of writing, LUNC’s price experienced a slight decline but was trading at $0.0001293, up over 1.61% in 24 hours. The trading volume saw an increase of over 20%, rising above the $83 million mark.
On the other hand, the former stablecoin USTC is also having a positive day. The USTC price is at $0.02804, reflecting a 5.6% increase for this altcoin. Its trading volume experienced an impressive surge of 129%, reaching the $67 million level.
