{"id":25341,"date":"2023-12-29T19:40:48","date_gmt":"2023-12-29T19:40:48","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/luna-and-mir-deemed-securities\/"},"modified":"2023-12-29T19:40:48","modified_gmt":"2023-12-29T19:40:48","slug":"luna-and-mir-deemed-securities","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/luna-and-mir-deemed-securities\/","title":{"rendered":"LUNA and MIR deemed securities"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1676627948959-05ad8810-499e-4356-8fd0-1b302dfb9f5d-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1676627948959-05ad8810-499e-4356-8fd0-1b302dfb9f5d-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1676627948959-05ad8810-499e-4356-8fd0-1b302dfb9f5d-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1676627948959-05ad8810-499e-4356-8fd0-1b302dfb9f5d-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Federal Judge Rakoff rules $LUNA and $MIR as securities, finding Terraform Labs violated U.S. laws.<\/li>\n<li>SEC trial, scheduled Jan 29, 2024, centres on Terra\u2019s UST stablecoin collapse and $25M alleged fraud.<\/li>\n<li>Jump Trading\u2019s involvement adds complexity; the SEC insists Judge Rakoff, not a jury, decides securities status.<\/li>\n<\/ul>\n<p>In a recent legal development, Federal Judge Jed Rakoff ruled in favour of the U.S. Securities and Exchange Commission (SEC) against Do Kwon and Terraform Labs. The judgment asserts that Terraform violated U.S. securities laws by selling unregistered securities, specifically LUNA and MIR tokens.<\/p>\n<p>This decision sets the stage for a trial scheduled to commence on January 29, 2024, shedding light on alleged fraudulent activities and the involvement of the SEC.<\/p>\n<h2>LUNA and MIR tokens deemed securities<\/h2>\n<p>In the summary judgment, Federal Judge Jed Rakoff sided with the SEC in the case against Do Kwon and Terraform Labs. The ruling established that Terraform failed to register LUNA and MIR tokens as securities, concluding that the company violated U.S. securities laws. This aligns with the SEC\u2019s stance that cryptocurrencies, including LUNA and MIR, should be classified as securities, subject to the agency\u2019s regulation.<\/p>\n<p>Judge Rakoff\u2019s decision restricts the SEC\u2019s regulatory authority to LUNA and MIR, marking a significant point in the ongoing legal battle. The charges stem from the collapse of Terra\u2019s UST stablecoin in 2022, with the SEC alleging that a fraudulent security offering raised $25 million.<\/p>\n<h2>Jump Trading\u2019s role and SEC\u2019s position<\/h2>\n<p>New evidence presented by Jump Crypto adds complexity to the case. Jump Crypto, believed to have manipulated TerraUSD, allegedly profited $1.28 billion. The SEC claims Terra loaned tokens to the U.S. trading firm Jump Crypto further entwining the lawsuit with market manipulation accusations.<\/p>\n<p>In a noteworthy move, the SEC has requested that Judge Rakoff determine whether Terraform offered and sold unregistered securities, arguing against a jury decision. The agency contends that the classification of securities is a legal matter for the court, not a factual question for a jury.<\/p>\n<p>While the civil trial progresses, Do Kwon remains in a Montenegro prison, after s<a href=\"https:\/\/coinjournal.net\/news\/montenegro-court-revokes-do-kwons-extradition-approval-amid-legal-process-flaws\/\">uccessfully appealing his extradition to the U.S. for criminal charges<\/a>. As the legal saga unfolds, the trial\u2019s outcome will have implications for classifying and regulating cryptocurrencies, particularly LUNA and MIR, in the ever-evolving landscape of financial markets.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/judge-rules-terraform-labs-violated-rules-luna-and-mir-deemed-securities\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Federal Judge Rakoff rules $LUNA and $MIR as securities, finding Terraform Labs violated U.S. laws. SEC trial, scheduled Jan 29, 2024, centres on Terra\u2019s UST stablecoin collapse and $25M alleged fraud. Jump Trading\u2019s involvement adds complexity; the SEC insists Judge Rakoff, not a [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":25342,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/25341"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=25341"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/25341\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/25342"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=25341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=25341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=25341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}