NewsletterBreaking: Judge Denies Terra & Do Kwon’s Request For Reconsidering Court Ruling
In the latest development in the U.S. Securities and Exchange Commission (SEC) lawsuit against Terraform Labs (Terra) and co-founder Do Kwon, a federal judge has denied multiple motions for reconsidering earlier orders. The judge has again sided with the plaintiff U.S. SEC after a recent order stating that Terra and Do Kwon violated the Securities Act.
Court Denies Motions for Reconsideration
According to a court filing late January 11, Judge Jed S. Rakoff granted an order in favor of the U.S. SEC denying motions for reconsideration filed by Terraform Labs and Do Kwon. The judge found the reasons stated by the SEC in its responses to defendants’ motions for reconsideration valid.
Terra and Do Kwon requested the court to reconsider the earlier order denying the opinions of expert Raj Unny regarding discovery and summary judgment. Terra and Do Kwon also requested the court to reconsider Dr. Matthew Edman in the case.
However, the defendants’ motions for reconsideration of the Court’s rulings under Federal Rule of Evidence 702 regarding Dr. Matthew Edman and Mr. Raj Unny are denied by the court. The judge sided with the SEC due to the Daubert Hearing, email exchange, and interlocutory responses evidence.
Also Read: Wall Street Giants Unite In Bitcoin ETF Frenzy, Restrict Client Investment
SEC Brings Terra Ruling in Coinbase and Binance Cases
After the SEC’s partial victory in the Terra lawsuit, the security agency filed notice of supplemental authority in Binance and Coinbase lawsuits. The agency consider Terra ruling relevant in other security violation cases and urged the court to consider the judgments announced in Terra lawsuit.
Especially, the SEC claimed 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.
Also Read: First Bitcoin (BTC) Options Expiry After ETF Approval, Uncertainty Prevails
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