Judge Jed Rakoff gave a detailed interpretation of the Howey test that was at odds with the decision in the Securities and Exchange’s case against Ripple.
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A United States Securities and Exchange Commission lawsuit against Terraform Labs is set to go ahead after a U.S. judge overseeing the case denied the firm’s motion to dismiss on July 31.
In handing down the order, the judge also rejected a July 13 decision from U.S. District Judge Analisa Torres, who ruled that Ripple did not violate securities laws by selling its XRP
$0.70 token on public exchanges.
The SEC first filed a suit against Terraform Labs and its founder, Do Kwon, on Feb. 16, alleging them of “orchestrating a multi-billion dollar crypto asset securities fraud..."
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