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• Terra Form lab is having its legal struggle with the U.S. Securities and Exchange Commission (SEC).
• U.S. District Judge Jed Rakoff refused Terraform Labs’ motion to dismiss the SEC’s action against them on Monday.
• The ruling indicates that the SEC has presented compelling arguments to establish jurisdiction over the case, and that they have a plausible claim that TerraUSD (UST), the Anchor Protocol, and LUNA may have violated securities laws.

Terra Form Lab’s Legal Struggle With SEC

Terra Form lab is having its legal struggle with the U.S. Securities and Exchange Commission (SEC). The SEC had already accused Terraform Labs and its founder, Do Kwon, of engaging in fraud and misleading investors about TerraUSD (UST), their stablecoin pegged to the U.S. dollar through the LUNA token.

Judge Refuses Motion To Dismiss Case

U.S. District Judge Jed Rakoff refused Terraform Labs’ motion to dismiss the SEC’s action against them on Monday, indicating that the regulatory agency has presented compelling arguments to establish jurisdiction over the case, and that they have a plausible claim that TerraUSD (UST), the Anchor Protocol, and LUNA may have violated securities laws..

Contrasting Ripple Labs Case Ruling

Unlike Ripple Labs’ recent case, Judge Rakoff’s ruling is different judge stated that cryptocurrencies should not be classified based on how they are sold but rather on other properties of the assets – even if it was sold directly to institutional investors or regular investors through secondary market transactions..

Implications For Other Projects In Cryptocurrency Space

The development sets Terraform Labs on a collision course with the SEC as lawsuit moves forward raising concerns within cryptocurrency community about potential implications for other projects in industry..

Conclusion

Judge Rakoff’s ruling indicates that cryptocurrencies cannot be classified based only on how they are sold but also according to other properties associated with digital assets – potentially setting new precedents in cryptocurrency regulation space as lawsuit between SEC and terraform labs moves forward .