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Sunday, February 25, 2024
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    bitcoin
    Bitcoin (BTC) $ 51,591.82
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    Ethereum (ETH) $ 3,018.25
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    Tether (USDT) $ 1.00
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    The SEC “dusts off” the Terra-Luna case to categorise 13 cryptocurrencies as securities

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    The USA Securities and Alternate Fee (SEC) introduced its partial victory within the Terra-Luna court docket case as assist in its lawsuits in opposition to Binance and Coinbase, cryptocurrency exchanges that it accuses of promoting securities (safety securities) not registered.

    Concerning its lawsuit in opposition to Coinbase, the SEC advised the US Courtroom yesterday that the court docket ruling by Terraform Labs, the issuer of the collapsed Terra-Luna cryptocurrencies, affirms that the UST, LUNA, wLUNA and MIR tokens are securities.

    โ€œIn doing so, the Terraform court docket resolved in favor of the SEC points related to consideration of defendants’ movement on this case,โ€ the SEC stated. On this approach, the company hopes that justice will decide that Coinbase has traded tokens corresponding to securities not registered.

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    Exactly, there are 13 tokens that the SEC considers this fashion within the case of Coinbase, these being SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH and NEXO. In the meantime, as reported by CriptoNoticias, the CEO of the alternate, Brian Armstrong, defends that these belongings are commoditiesso they didn’t have to register.

    The SEC additionally references Terra-Luna in its lawsuit in opposition to Binance

    A day earlier than ruling on the continuing case in opposition to Coinbase, the SEC spoke out in its lawsuit in opposition to Binance for buying and selling cryptocurrencies as alleged securities unregistered and different prices. On this, he identified that the alternate is utilizing arguments to defend its buying and selling of the BUSD stablecoin, that are just like these beforehand utilized by Terraform Labs.

    See also  โ€œImmediately marks the tip of an pointless sagaโ€

    โ€œThe court docket’s evaluation of the Terraform defendants’ so-called UST stablecoin is especially related to this Courtroom’s consideration of the defendants’ arguments concerning Binance’s so-called BUSD stablecoin, and harassment-as-a-service packages, โ€œDefendantsโ€™ BNB Vault and Easy Earn,โ€ he acknowledged. That, he added, โ€œgives additional grounds for this Courtroom to disclaim defendants’ motions to dismiss.โ€

    These statements come two weeks after Binance eliminated BUSD buying and selling from its platform, and two months after Changpeng Zhao resigned from his CEO place on the alternate and pleaded responsible to violating anti-money laundering restrictions. As a part of this, the alternate agreed to pay an unprecedented high quality of $4.3 billion.

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