Sign Up on MEXCCoinbase Vs SEC: US SEC Requests Court To Consider Terra Ruling In Coinbase Suit
The Terra lawsuit judge ruling in favor of the U.S. SEC was a major win for the securities regulator after multiple losses risking even its oversight power. The SEC now urging courts to consider the Terra ruling in Binance, Coinbase, and other lawsuits and announce orders in favor of the SEC highlighting that defendants have violated securities laws.
Coinbase Vs SEC: Files Terra Lawsuit Supplement Authority
Plaintiff U.S. Securities and Exchange Commission (SEC) has filed a notice of supplemental authority with the court, as per the latest filing with the court dated January 4. The SEC wants the court to consider ruling in SEC v. Terraform Labs in support of its opposition to Coinbase’s Motion for Judgment on the Pleadings.
The SEC cites “The Terraform court resolved in the SEC’s favor issues relevant to the consideration of Defendants’ motion in this case,” seeking judgment in its favor in the Coinbase lawsuit.
The SEC claims that the court in Terra case addressed the definition of “investment contract” to reject the defendants’ efforts to “cast aside decades of settled law” and that an investment contract doesn’t mean a contract, transaction, or scheme.
In addition, the court applied ‘Howey Test‘ to rule UST, LUNA, wLUNA, and MIR as investment contracts, therefore, are securities. SEC said it is relevant regarding Coinbase’s listing and offering unregistered securities to investors.
Furthermore, the court granted summary judgment to the SEC on its claim that defendants violated Section 5 of the Securities Act of 1933. The SEC seeks a similar summary judgment against Coinbase.
Also Read: BitMEX’s Arthur Hayes Predicts 40% Correction In BTC Price Post Spot Bitcoin ETF Approval
SEC Says Terra Ruling Relevant in Binance Lawsuit
CoinGape first reported that the U.S. SEC filed a notice of supplemental authority in the lawsuit against Binance, Binance.US, and Changpeng Zhao on January 3. The SEC argues Terra ruling is relevant in the case and can address the state to deny motions to dismiss the lawsuit.
The SEC also filed supplemental authority to consider the Binance-DOJ guilty plea and settlement. Binance and CZ hit back at SEC for bringing irrelevant and impermissible aspects in completely distinct case.
Also Read: How Likely Is US SEC To Give Early Spot Bitcoin ETF Approval?
- Ethereum Faces Selloff Risks As Whales’ Unrealized Profit Hits 2021 Highs
- Expert Predicts 138% Shiba Inu Rally as SHIB Futures Listing Opens Spot ETF Path
- Bitcoin Will 200x From Here, Twenty One Capital CEO Says as BTC Breaks $117K After Fed Rate Cut
- BNB Chain Takes Lead in RWA Tokenization, Expert Sees BNB Rally to $1,300
- Grayscale’s GDLC Fund Holding SOL and ADA Gets SEC Nod for NYSE Debut
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
