We finally know what happened to the SEC's investigation of Terraform Labs' Mirror Protocol, nikhileshde writes in this week's State of Crypto newsletter. Plus, jackschickler reports on Washington staffers' trip to the EU.
last year). The SEC’s interest appeared to be in the Mirror Protocol , which helped create mirrored assets , basically tokens pegged to the price of stocks..
The SEC’s investigation appeared to, well, die down for a while. And of course, Terraform itself had a pretty lousy 2022.According to the filing, the SEC is alleging the defendants sold unregistered “crypto asset securities” and securities-based swaps . There's also quite a bit of fraud alleged.
Another really interesting aspect of the filing is how thorough the SEC was in explaining its reasoning. The SEC alleged that LUNA, wrapped LUNA, UST, MIR and mAssets were all securities, providing a detailedIt wasn’t just Howey, though –, the SEC also used other analyses to allege that things like wrapped LUNA are a security, potentially bolstering its case in case this sets precedent.
So we have the SEC alleging that a stablecoin is a security, that an ecosystem token tied to the stablecoin is a security, that these other tokens are also securities and doing so with defendants that the industry will be hard-pressed to defend . If the SEC wins this suit, it’ll have a court ruling affirming its oversight over a certain type of stablecoin and related ecosystem tokens. And while it’s true that generally rulings aren’t necessarily seen as a legal precedent unless at least an appeals court affirm them, we’re seeing district court rulings cited as precedent in all sorts of crypto-related cases right now.with the various lawsuits and settlements.
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