| 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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