Provided by lawyers TFL and her co-founder Do Kwon documents in support of the motion to dismiss the lawsuit SEC do not contain sufficient grounds for dismissing the case. About it declared regulator representatives.
On June 15, during the hearing, the defendants submitted additional documents to support your claim. Their essence was to determine the compliance of the assets created by the company with the criteria for securities.
Lawyers noted that the TerraUSD (UST) algostablecoin should not be classified in this status due to its practical, rather than investment purpose.
They backed up the arguments with transcripts hearings Committee on Financial Services of the US House of Representatives, the SEC petition against Binance.US and emails from former Commissioner William Hinman from the lawsuit against Ripple.
According to representatives of the department, the above-mentioned documents are not relevant to the current case. Howey test clearly defines the parameters of the “investment contract” that UST complies with, they added.
The defense pointed to regulatory gaps regarding the classification of crypto assets as securities amid the US Congress debate on the regulatory framework for digital assets and the issuance of “stable coins”.
They also noted that the SEC goes beyond the scope of relevant legislation and relies on internal emails associated with investment contracts to determine the status of securities.
Judge Jed Rakoff ruled that he would rule on the motion to dismiss by July 14.
Recall that in September 2022, South Korea issued an arrest warrant for Do Kwon and five other TFL employees on charges including violations of capital markets laws.
On March 23, Montenegrin police arrested an entrepreneur while trying to fly from Podgorica airport to Dubai using forged documents. In June, he was released under house arrest on bail of €400,000 ($436,000).
Prior to this, South Korea called on Montenegro to send Kwon home. The United States also claims to extradite the head of the TFL, where he has been charged with fraud by the SEC and the Federal Prosecutor’s Office of New York.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
Provided by lawyers TFL and her co-founder Do Kwon documents in support of the motion to dismiss the lawsuit SEC do not contain sufficient grounds for dismissing the case. About it declared regulator representatives.
On June 15, during the hearing, the defendants submitted additional documents to support your claim. Their essence was to determine the compliance of the assets created by the company with the criteria for securities.
Lawyers noted that the TerraUSD (UST) algostablecoin should not be classified in this status due to its practical, rather than investment purpose.
They backed up the arguments with transcripts hearings Committee on Financial Services of the US House of Representatives, the SEC petition against Binance.US and emails from former Commissioner William Hinman from the lawsuit against Ripple.
According to representatives of the department, the above-mentioned documents are not relevant to the current case. Howey test clearly defines the parameters of the “investment contract” that UST complies with, they added.
The defense pointed to regulatory gaps regarding the classification of crypto assets as securities amid the US Congress debate on the regulatory framework for digital assets and the issuance of “stable coins”.
They also noted that the SEC goes beyond the scope of relevant legislation and relies on internal emails associated with investment contracts to determine the status of securities.
Judge Jed Rakoff ruled that he would rule on the motion to dismiss by July 14.
Recall that in September 2022, South Korea issued an arrest warrant for Do Kwon and five other TFL employees on charges including violations of capital markets laws.
On March 23, Montenegrin police arrested an entrepreneur while trying to fly from Podgorica airport to Dubai using forged documents. In June, he was released under house arrest on bail of €400,000 ($436,000).
Prior to this, South Korea called on Montenegro to send Kwon home. The United States also claims to extradite the head of the TFL, where he has been charged with fraud by the SEC and the Federal Prosecutor’s Office of New York.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!