{"id":331937,"date":"2023-08-01T16:30:45","date_gmt":"2023-08-01T11:00:45","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=331937"},"modified":"2024-01-30T02:07:55","modified_gmt":"2024-01-29T20:37:55","slug":"why-sec-vs-terraform-could-cast-a-pall-over-the-ripple-verdict","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/why-sec-vs-terraform-could-cast-a-pall-over-the-ripple-verdict\/","title":{"rendered":"Why SEC vs Terraform could cast a pall over the Ripple verdict"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">A judge recently ruled that UST could be categorized as a security.<\/span><\/em><\/li>\n<li><em><span style=\"font-weight: 400;\">The Howey test was interpreted differently, casting doubt on the Ripple ruling.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The Ripple [XRP] ruling was initially seen as a victory for cryptocurrency, but Terraform Labs is now discovering that the tides may not favor them. In a recent verdict, a foundation has emerged that could potentially challenge the Ripple ruling.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">How much are 1,10,100 LUNAs worth today?<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">With Terraform Labs facing uncertainty with this new development, an air of intrigue and suspense has been added to the crypto landscape.<\/span><\/p>\n<h4><b>Terraform dealt a blow<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">On 31 July, a federal judge dealt <a href=\"http:\/\/ambcrypto.com\/south-korea-sets-trail-date-for-terraform-labs-co-founder-daniel-shin\/\" target=\"_blank\" rel=\"noopener\">Terraform Labs<\/a> a blow by denying their motion to dismiss a lawsuit filed by the U.S. Securities and Exchange Commission (SEC). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The judge <a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.nysd.594150\/gov.uscourts.nysd.594150.51.0.pdf\" target=\"_blank\" rel=\"noopener\">ruled<\/a> that the SEC&#8217;s argument about having jurisdiction over the case, and the potential violation of securities law by TerraUSD [UST], the Anchor Protocol, and Terra [LUNA] was sufficiently strong to proceed with the lawsuit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, Judge Jed Rakoff of the U.S. District Court for the Southern District of New York took a different stance from Judge Analisa Torres regarding the <a href=\"http:\/\/ambcrypto.com\/sec-vs-ripple-the-final-ruling-is-here-and-this-is-what-it-means\/\" target=\"_blank\" rel=\"noopener\">Ripple<\/a> Labs case. Judge Torres had previously ruled that Ripple Labs did not violate securities law when offering XRP on secondary platforms.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to her, retail investors couldn&#8217;t have known they were purchasing XRP directly from Ripple because they bought the token on intermediary exchanges through Ripple&#8217;s programmatic sales.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, Judge Jed Rakoff disagreed with this perspective and interpreted the Howey test distinctly. He asserted that the distinction between direct and secondary resale purchasers should not affect whether a reasonable individual perceives the defendants&#8217; actions and statements as promising profits based on their efforts. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In his view, the Howey test does not draw such a line, and it makes sense not to do so. Regardless of how the coins were acquired, if a reasonable expectation of profit exists, the test should apply uniformly to all purchasers.<\/span><\/p>\n<h4><b>Possible implications of diverging Ripple and Terraform rulings<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Following the Ripple ruling, <a href=\"http:\/\/ambcrypto.com\/ripple-lawsuit-former-sec-official-finds-court-ruling-ripe-for-appeal\/\" target=\"_blank\" rel=\"noopener\">discussions emerged<\/a> about the possibility of an SEC appeal due to perceived inadequacies in the initial judgment. While it is important to note that the <a href=\"http:\/\/ambcrypto.com\/island-country-partners-with-ripple-to-mint-usd-backed-stablecoin\/\" target=\"_blank\" rel=\"noopener\">Ripple<\/a> and Terraform cases have different circumstances, their rulings have paved the way for diverse interpretations of the Howey test.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The outcome of these cases may lead to varying judgments, creating uncertainty and affecting the much-needed clarity that the cryptocurrency space has been striving for. With the different interpretations of the Howey test, there are implications for the regulatory landscape.<\/span><\/p>\n<h4><b>How Luna and XRP reacted<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">As of the current update, the assets tied to Terraform Labs exhibited various trends on the daily timeframe chart. <a href=\"http:\/\/ambcrypto.com\/luna-classic-long-term-bearish-bias-reaches\/\" target=\"_blank\" rel=\"noopener\">LUNC<\/a> was experiencing a loss of more than 1%, and the chart indicated a consistent bearish trend over the past few days.<\/span><\/p>\n<figure id=\"attachment_331954\" aria-describedby=\"caption-attachment-331954\" style=\"width: 1793px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LUNCBUSD_2023-08-01_08-55-53.png\"><img decoding=\"async\" class=\"wp-image-331954 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LUNCBUSD_2023-08-01_08-55-53.png\" alt=\"Terraform LUNC\/BUSD price trend\" width=\"1793\" height=\"755\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LUNCBUSD_2023-08-01_08-55-53.png 1793w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LUNCBUSD_2023-08-01_08-55-53-300x126.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LUNCBUSD_2023-08-01_08-55-53-1024x431.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LUNCBUSD_2023-08-01_08-55-53-768x323.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LUNCBUSD_2023-08-01_08-55-53-1536x647.png 1536w\" sizes=\"(max-width: 1793px) 100vw, 1793px\" \/><\/a><figcaption id=\"caption-attachment-331954\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">On the other hand, LUNA had a different outlook on the same timeframe. It was not trading at a loss but hasn&#8217;t shown any significant gains either. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, <a href=\"http:\/\/ambcrypto.com\/terra-luna-price-prediction-33\/\" target=\"_blank\" rel=\"noopener\">LUNA 2<\/a> stood out as the highest loser among the Luna assets, with a decline of over 3%. Its Relative Strength Index (RSI) indicated a strong bearish trend below the 40 level.<\/span><\/p>\n<figure id=\"attachment_331956\" aria-describedby=\"caption-attachment-331956\" style=\"width: 1793px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-331956\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LUNA2USD_2023-08-01_08-59-44.png\" alt=\"LUNA\/USD price trend\" width=\"1793\" height=\"755\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LUNA2USD_2023-08-01_08-59-44.png 1793w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LUNA2USD_2023-08-01_08-59-44-300x126.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LUNA2USD_2023-08-01_08-59-44-1024x431.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LUNA2USD_2023-08-01_08-59-44-768x323.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LUNA2USD_2023-08-01_08-59-44-1536x647.png 1536w\" sizes=\"(max-width: 1793px) 100vw, 1793px\" \/><figcaption id=\"caption-attachment-331956\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/ripple-price-prediction\" target=\"_blank\" rel=\"noopener\">Ripple&#8217;s [XRP] Price Prediction<\/a> 2023-24<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Shifting the focus to Ripple&#8217;s XRP, its price trend revealed slight declines over the past five days. As of this writing, <a href=\"http:\/\/ambcrypto.com\/ripple-whales-make-a-comeback-as-xrp-recovers-assessing\/\" target=\"_blank\" rel=\"noopener\">XRP<\/a> was trading at $0.69 with a close to 1% loss. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite this loss, the RSI suggested that it was still in a bull trend. However, the Moving Average Convergence Divergence (MACD) showed a bearish sentiment.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Terraform Labs&#8217; hope to use the Ripple ruling as its defense against the SEC suffered a blow as the judge chose a different interpretation of the Howey test.<\/p>\n","protected":false},"author":76,"featured_media":331962,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[66,3,55,4,5825],"tags":[],"class_list":["post-331937","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-news","category-news","category-xrp-ripple-news","category-social","category-stablecoins"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why SEC vs Terraform could cast a pall over the Ripple verdict - 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