“If Tom or anybody else wanted to be in this field, I would say, ‘Do it within the law,’” SEC Chair Gary Gensler iterated. The United States securities regulator chief has hinted he would be open to a rebooted crypto exchange FTX — as long as its new leadership stays within the bounds of the…
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Last week, lawyers representing Terraform Labs and its ex-CEO Do Hyeong Kwon (Do Kwon) moved to dismiss the lawsuit brought against them by the U.S. Securities and Exchange Commission (SEC). In response, the SEC has countered with a motion of its own, asserting the accountability of both the company and Kwon. The commission maintains that…
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CME Bitcoin futures hit a two-year high, but options market data reflects investors’ hesitancy. Bitcoin futures open interest at the Chicago Mercantile Exchange (CME) hit an all-time high of $3.65 billion on Nov. 1. This metric considers the value of every contract in play for the remaining calendar months, where buyers (longs) and sellers (shorts)…
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The “evidence” of violations provided by the SEC points to Kwon’s involvement in misleading crypto investors by creating and marketing Terra and its in-house Terra (LUNA) tokens as securities. The United States Securities and Exchange Commission (SEC) has refuted the jury’s conclusion regarding Terraform Labs’ alleged violations and has demanded a summary judgment on all…
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The stablecoin ecosystem has evolved significantly over the years, with new regulations and models shaping the landscape. The rise of digital currencies, exemplified by Bitcoin (BTC), brought a groundbreaking shift in the financial landscape. However, it also brought to light a critical challenge: price volatility. Bitcoin and many other early cryptocurrencies exhibited extreme price fluctuations,…
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Daniel Shin claimed he and Do Kwon parted ways before the collapse of the Terra/Luna ecosystem was imminent and that he had nothing to do with it. The trial of payment platform developer Terraform Labs co-founder Shin Hyun-Seong, also known as Daniel Shin, and seven others got underway in Seoul Southern District Court in South…
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LUNA, the native token of the Terra 2.0 blockchain, was among the many gainers in the past week positively affected by Bitcoin’s impressive rally toward the $35,000 mark. According to data from CoinMarketCap, LUNA is up by 13.96% in the last seven days, providing some relief for investors who have had to endure the token’s…
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The order was unclear as to the nature of the documents under subpoena but stated Genesis had failed to provide the information by Oct. 9. A United States judge has approved an order requiring Genesis Global entities to produce certain documents in accordance with a subpoena requested by Terraform Labs. In an Oct. 13 filing…
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The dropping of the suit came amid Terra facing a lawsuit brought by the U.S. Securities and Exchange Commission and Do Kwon possibly nearing the end of his sentence in Montenegro. A group of investors behind a class-action lawsuit against Terraform Labs and its co-founder Do Kwon over fraud allegations have dropped the case. In…
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Following a decisive vote by the Terra Classic community, an initiative to halt the creation of the previously termed stablecoin, terra usd (commonly referred to as UST or USTC), has been approved. Despite 40.56% opposition, 59.42% of the vote gave the nod for the software update. Minting Freeze for USTC Approved USTC, which sits at…
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