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Judge sides with US SEC, says Terraform Labs crypto founder Do Kwon violated law
A federal judge ruled on Thursday that cryptocurrency entrepreneur Do Kwon and his company Terraform Labs violated U.S. law by failing to register two digital currencies that collapsed in 2022. U.S. District Judge Jed Rakoff in Manhattan sided with the Securities and Exchange Commission in its case stemming from the implosion of the TerraUSD and Luna currencies. Rakoff also denied summary judgment to both sides on the SEC's fraud claims, which will proceed toward a scheduled Jan. 29, 2024 trial. He dismissed SEC claims that the defendants illegally offered security-based swaps. Lawyers for Terraform and Kwon did not ... (full story)