Terraform Labs Settles SEC Fraud Charges, LUNA Price Surges
Cryptocurrency advocate James “MetaLawMan” Murphy believes the settlement between the U.S. Securities and Exchange Commission and Terraform co-founder Do Kwon is a positive development.
The proposed settlement would make either the Ripple or Coinbase case the first to reach the 2nd Circuit Court of Appeals to address the legal status of crypto assets.
The legal expert highlighted the report of an agreement in principle following the SEC’s case against Do Kwon and Terraform, alleging they misled cryptocurrency investors before the 2022 collapse of the stablecoin TerraUSD.
The LUNA community reacted positively to the news, leading to a surge for the Terra LUNA ecosystem’s native token, LUNA. The altcoin has gained over 80% in the past seven days, breaking above notable resistance. The settlement agreement offers renewed hope to the LUNA community, as reflected in the token’s resurging prices.
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