Terra And Do Kwon Cite XRP Ruling As Precedent To Dismiss US SEC Lawsuit
Also Read: Ripple Community Mocks Republican For Calling XRP A Security; Analyst Predicts Re-Entry Level advertisement Terra Do Kwon Uses “Torres Doctrine” To Dismiss Lawsuit by SEC Terraform Labs (TFL) and co-founder Do Kwon ’s lawyers filed a supplemental authority in support of the motion to dismiss the lawsuit by the US Securities and Exchange Commission (SEC). Judge Jed Rakoff granted both defendants and the plaintiff to file a notice of supplemental authority regarding the dismissal of the lawsuit. Lawyers from top law firm Dentons, representing Terraform Labs and co-founder Do Kwon , claimed Judge Analisa Torres’ landmark decision in US SEC v. Ripple Labs directly affects the defendants’ motion to dismiss the lawsuit. SEC argues that UST, LUNA, wLUNA, MIR, or mAssets are securities. However, the Ripple case confirms SEC’s legal insufficiency to prove its claim that cryptocurrencies, except Bitcoin are securities. Also, ...