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Amid Terra’s ongoing legal battle with the U.S. SEC and the possible conclusion of Do Kwon’s sentence in Montenegro, a surprising turn of events unfolded. A consortium of investors, who had initiated a class-action lawsuit against Terraform Labs and its co-founder Do Kwon over allegations of fraud, made an unexpected decision to withdraw their case. In a legal filing dated September 28th, submitted to the United States District Court for the Northern District of California, the legal representatives of Nick Patterson, the plaintiff who had instigated the Lawsuit on behalf of Investors , formally requested the dismissal of the Lawsuit against Terraform and Kwon. Curiously, the filing omitted any explicit elucidation of the reasons behind this voluntary dismissal without prejudice. The filing elaborated, “The Defendants from Terraform Labs have not yet responded to the complaint, nor have they submitted motions for summary judgment. Given that the Court has not gra...

Following the recent departure of one, two more attorneys withdrew from representing the US SEC in its lawsuit against Ripple over XRP offerings. Aug. 24 court filings reveal that attorneys Richard Best and Robert MacDonald Moye requested to withdraw from the SEC vs. Ripple trial. The former had the motion immediately granted due to extended medical leave, while the latter is still waiting for a decision from Judge Analisa Torres. This filing follows this week’s motion for the dismissal of attorney Pascale Guerrier from the case as well, a request that the judge quickly granted. The crypto community on Twitter suggests that lawyers are jumping ship in anticipation of the regulator losing the lawsuit . SEC has lawyers quitting before the ship sinks completely — XRPcryptowolf (@XRPcryptowolf) August 23, 2023 Still, there is no solid indication that those suggestions have any foundation. John E. Deaton — founder of the crypto-centric legal news outlet Crypto Law — wro...

Crypto lawyer John Deaton cited several instances where major crypto players like Coinbase reached out to the SEC for regulatory clarification before listing XRP, but didn’t face any objection. The United States Securities and Exchange Commission (SEC) lawsuit against Ripple filed in December 2020 has deprived the XRP token of nearly three years of adoption in the United States, said pro- XRP lawyer John E Deaton in a recent post on X (formerly Twitter). Deaton’s comments came amid Coinbase's announcement that they have acquired a minority stake in USD Coin (USDC) issuer Circle and will be working to “unlock additional utilities and grow the USDC ecosystem.” The lawyer reflected on how Ripple and XRP were on a trajectory of great adoption in cross-border payment and if not for the SEC lawsuit , the likes of Coinbase might have shown similar interest in Ripple. You could NEVER underestimate the damage the SEC’s lawsuit has caused - NOT ONLY AGAINST RIPPLE - BUT #XRP. THREE YEAR...

In a clash between blockchain enterprise Quantstamp and the U.S. SEC, the murky legal waters of initial coin offerings and crypto regulations come to the forefront. Another legal skirmish has unfolded, this time involving the U.S. Securities and Exchange Commission (SEC) and a blockchain security enterprise Quantstamp. Coming on the heels of the long-anticipated ruling concerning the SEC’s allegations against Ripple, this development reinforces the precarious legal environment surrounding initial coin offerings (ICOs). You might also like: Ripple CEO questions SEC’s crypto jurisdiction as Gensler requests more funding On July 21, the SEC, the regulatory body for securities in the United States, filed charges against Quantstamp for allegedly conducting an unauthorized ICO in 2017. The company is accused of amassing over $28 million by selling QSP tokens to approximately 5,000 investors. These funds were purportedly meant to foster the creation of an Ethereum (ETH) b...

The cryptocurrency exchange faces scrutiny from state regulators simultaneous to the SEC litigation. The stock of cryptocurrency exchange Coinbaseplunged more than 20% at the open on June 6. At the time of publication, shares have pared some losses and are currently trading at $50.14, compared to an intra-day low of $46.43. The company's market capitalization currently stands at $13.7 billion.  The same day, the U.S. Securities and Commission (SEC) filed a lawsuit against Coinbase, alleging the operations of an unregistered national securities exchange, broker, and clearing agency and failing to register the offer and sale of its crypto asset staking-as-a-service program. SEC Chair Gary Gensler commented: "Coinbase's alleged failures deprive investors of critical protections, including rulebooks that prevent fraud and manipulation, proper disclosure, safeguards against conflicts of interest, and routine inspection by the SEC." Simultaneous to the SEC announcement...