The post Rulings on Terraform’s LUNA and Ripple’s XRP  appeared on BitcoinEthereumNews.com.

Judge Jed S. Rakoff ruled Terraform Labs’ four tokens, including LUNA and UST, as unregistered securities. Attorney Rispoli commented that XRP would have also been deemed a security if Judge Rakoff ruled it. The attorney highlighted the necessity of Congress’ action for unbiased ruling in the crypto space. Attorney Fred Rispoli shared an X post, commenting on the US court’s recent ruling that categorized Terraform Labs’ tokens as securities. Drawing parallels between Terraform’s UST, LUNA, wLUNA, and MIR and Ripple’s XRP, Rispoli asserted that if XRP were analyzed by the same judge, it would have also been deemed a security. …Terraform Labs conducted itself in selling and promoting these tokens compared to Ripple’s conduct but I can assure you that if @Ripple were before Judge Rakoff, based on his opinion here, #XRP would have been deemed a security by him across the board. A prayer of thanks…2/4 — Fred Rispoli (@freddyriz) December 29, 2023 In a recent court order, U.S. District Judge Jed S. Rakoff ruled in favor of the Securities and Exchange Commission, concluding the failed crypto exchange Terraform Labs’ four tokens, including UST and LUNA, were unregistered securities. The ruling marked a crucial turn in the protected legal struggle between Terraform Labs and the SEC as the firm was under the scrutiny of the regulators on allegations of “orchestrating a multi-billion dollar crypto asset securities fraud involving an algorithmic stablecoin and other crypto asset securities.” In a tweet, Johnny Krypto, the co-host of Good Morning Crypto Show, acknowledged Judge Rakoff’s ruling as the “first real win” of the SEC. Previously, when Judge Analisa Torres ruled XRP was a non-security, it marked a partial victory for Ripple, as the judge’s classification of the institutional sale of XRP as security aligned with the SEC’s claim. Reflecting on the diverse rulings…

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Filed under: News - @ December 30, 2023 10:16 am