Federal judge dismisses Ripple ruling in Terra case
New York federal judge granted permission to the SEC to proceed with its case against Terraform Labs Pte and its founder, Do Kwon. Judge Rakoff’s decision involved rejecting the differentiation drawn in the Ripple case regarding public and institutional sales being the determining factor if the asset would be labeled as a security. Ripple ruling challenged Following the July 13 Ripple ruling , which was celebrated as a triumph for the cryptocurrency sector, numerous digital assets experienced a surge in value of over 70%. However, US District Judge Jed Rakoff’s recent decision, while not directly challenging the Ripple ruling , highlights the ongoing uncertainty surrounding the classification of digital assets as securities. In the court documents, as stated by Bloomberg, the SEC had advised Judge Rakoff against following the reasoning of US District Judge Analisa Torres in the Ripple case. The SEC has also expressed its intention to potentially appeal the Ripple rul...