Crypto lawyer Mike Selig argued that under this theory, nearly anything can be a security.
Terraform Labs and its founder Do Kwon being in the sights of the United States Securities and Exchange Commission have sparked various reactions from lawyers within the crypto community.for allegedly selling a “suite of crypto asset securities.” While community members are not defending Kwon for his actions, they are questioning the manner in which the SEC is going after Terra and its founder.
Web3 lawyer Mike Selig posted his thoughts on the issue on Twitter. According to Selig, the SEC characterizes the algorithmic stablecoin Terra USD as a security because it could be exchanged for LUNA, now known as Luna Classic , which is also a security according to the SEC. SeligMike Wawszczak, the general counsel for Alliance DAO, also commented on the topic. According to Wawszczak, SEC Chairperson Gary Gensler may want “complete discretion” in applying securities laws to any transactions.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SEC-retly Failing: How the SEC Is Letting Crypto Down – Op-Ed Bitcoin News'So, why does the SEC keep failing us? One reason could be that they're too focused on small, insignificant cases,' says Bitcoin․com's General Counsel Joseph Collement.
Read more »
Last Week on Crypto Twitter: Staking gets SEC’d | CoinMarketCapFittingly for the SuperBowl weekend, the SEC went at staking with unnecessary roughness. Will this result in a turnover and crypto having to go on defense? Let’s find out 👇
Read more »
SEC charges Terra and Kwon with defrauding investorsWhen TerraUSD depegged from the U.S. dollar in May, it kicked off the first big crypto crisis of 2022.
Read more »
SEC charges Do Kwon, Terraform with fraud in connection with Terra collapseThe SEC charged Terraform and its CEO, Do Kwon, with fraud, alleging that they bilked investors out of billions of dollars.
Read more »
SEC charges Terra founder Do Kwon with fraud | CNN BusinessThe US Securities and Exchange Commission has charged crypto developer Do Kwon and his company Terraform Labs with defrauding investors in what the regulator deemed a multibillion-dollar scheme, according to a filing in federal court.
Read more »