After a federal judge issued a conflicting decision in a Terra case that the SEC had filed, the classification of digital assets in the US is still up in the air. The court rejected the judge’s ruling that Ripple’s XRP sales did not break any securities regulations in the Terra case.
Terraform Labs and its co-founder Do Kwon attempted to leverage the Ripple decision in their own legal battle with the SEC.
Terra Ruling in Conflict With Ripple Case
Judge Jed Rakoff approved the Securities and Exchange Commission’s (SEC) request. The agency will continue with its case against Terraform Labs and its co-founder, Do Kwon, according to a July 31 ruling. Judge Rakoff disagreed with Judge Analisa Torres’ decision regarding the security status of XRP when sold to the general public.
The cryptocurrency community applauded the earlier decision, but the new ruling has further muddied the security debate.
According to the SEC, XRP…
