Hon Chang-joon, business partner of Do Kwon, the cryptocurrency entrepreneur who created the failed Terra (UST) stablecoin, is taken to court in Podgorica, Montenegro, March 24, 2023.
Stevo Vasiljevic | Reuters
A Manhattan federal judge said in an opinion that cryptocurrencies are considered securities regardless of how they are sold. It allows the Securities and Exchange Commission to pursue securities charges against Terraform Labs and its founder Do Kwon and has broad ramifications for crypto legislation and litigation.
U.S. District Judge Jed Rakoff’s decision Monday complicates SEC’s litigation with both Ripple and crypto exchange Coinbase.
The SEC had alleged that Coinbase engaged in the unregistered offer and sale of securities. Coinbase strongly denies that it has listed any crypto asset securities. Coinbase shares are down about 4,5% in Tuesday trading.
The opinion contradicts an earlier ruling from the same district court…
