The legal battle between Terraform Labs, its founder Do Kwon, and the U.S. Securities and Exchange Commission (SEC) persists, with a federal judge dismissing most of Terra’s requests to reconsider previous decisions. The judge maintained a stance favoring the SEC, upholding a recent decision that Terra and Do Kwon violated securities laws, without reevaluation.
Federal Judge Jed S. Rakoff denied Terraform Labs and Do Kwon’s application for reconsideration on January 11, siding with the SEC. The judge found the SEC’s arguments against the defendants’ requests for reconsideration to be valid.
Terra and Do Kwon’s application included a request to review prior decisions that dismissed expert Raj Unny’s opinions on discovery and summary judgment. Additionally, Terra representatives had sought the court to reassess the involvement of Dr. Matthew Edman in the case.
However, the court denied Terra’s requests regarding Dr. Matthew Edman and Raj Unny. Following this partial victory, the SEC sought additional authority in ongoing cases against major exchanges Binance and Coinbase, suggesting the Terra ruling could serve as a precedent for other security violation cases.
Meanwhile, Terra-related altcoins continue to experience market activity. LUNC’s price saw a slight drop but gained over 1.61% in 24 hours, trading at $0.0001293, with a transaction volume increase of over 20%, reaching above $83 million. USTC, the former stablecoin, also had a positive day, rising 5.6% to $0.02804, with its trading volume impressively surging by 129% to $67 million.
