Lawyers representing the United States Securities and Exchange Commission (SEC) have requested a judge to determine whether certain crypto assets should be classified as securities in a civil case against Terraform Labs and co-founder Do Kwon. The SEC argues that this is a legal question for the court to decide, rather than a factual question for a jury. The commission claims that there is no dispute over the fact that the defendants’ crypto asset offerings involved an investment of money, a common enterprise, and an expectation of profit. The SEC has previously labeled different cryptocurrencies as securities in various lawsuits, including those against Binance and Coinbase. However, a federal judge ruled in July that the XRP token did not necessarily qualify as a security in the SEC’s case against Ripple. The question of which cryptocurrencies should be classified as securities or commodities in the United States remains a topic of debate among lawmakers and regulators. Additionally, there is speculation that the SEC may soon decide on whether to approve a spot crypto exchange-traded product.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Chris Larsen, Brad Garlinghouse, Do Kwon |
| Companies | United States Securities and Exchange Commission (SEC), Coinbase, Binance, Terraform Labs, Ripple |
| Currencies | XRP |
| Securities | None |
