Securities Judge Rules That TerraUSD Is a Security

In a major victory for the Securities and Exchange Commission (SEC), U.S. District Judge Jed Rakoff ruled on Monday that TerraUSD, a stablecoin created by Terraform Labs, is a security. The ruling could have far-reaching implications for the crypto industry. Rakoff’s ruling was based on the Howey test, a legal framework that the SEC uses...

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