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After Terraform Labs Crypto Trial Verdict of Liable SEC Asked $4B Now Settled in Principle

by Matthew Russell Lee, Patreon Substack

SDNY COURTHOUSE, May 30 – The SEC's trial against  Terraform Labs began on March 25. Inner City Press was there, thread. On November 17, 2023 US District Court for the Southern District of New York Judge Jed S. Rakoff held a hearing on potential trial experts. Inner City Press live tweeted that too, thread.

More on Substack here

Ten days later on April 5, Judge Rakoff gave legal instructions to the jury for deliberation, including that "I instruct you as a matter of law that the tokens known as UST, LUNA, and wLUNA are securities." Full 24 page legal instructions to jury on Patreon here.

And then the verdict: Liable, liable, liable - and reckless, not intentional.

On April 19 the SEC filed a motion for injunction against violations, and $4 billion disgorgement, to fine Terraform Labs $420 million and Do Kwon $100 million. Motion on Patreon here.

On May 30, after an unceremoniously canceled May 29 proceeding, this: "Minute Entry for proceedings held before Judge Jed S. Rakoff: Telephone Conference held on 5/29/2024,without transcription or recording. Counsel for all parties was present. The oral argument previously set for 5/29/2024 has been cancelled because the parties have informed the Court that they reached a settlement in principle. The parties must file, by 6/12/2024, papers in support of a proposed final judgment consistent with the settlement."

More on X for Subscriber here & Substack here

The case is Securities and Exchange Commission v. Terraform Labs Pte Ltd. et al., 23-cv-1346 (Rakoff) 


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