Amidst the allegations against Do Kwon, the co-founder of Terraform Labs, a recent report by the Korean Sunday News has revealed that the Seoul Southern District Court has ruled in favor of LUNA, now renamed LUNC, by stating that it is not a financial investment product. Despite the recent enforcement action by the U.S. Securities and Exchange Commission (SEC) against Kwon, the South Korean court has determined that LUNC is not a security, further clarifying its position in the matter.
In its recent ruling, the Seoul Southern District Court noted that it finds it challenging to perceive LUNC as a financial investment product regulated by the Capital Markets Act. The court further explained that the South Korean officials from the Seoul prosecutors office cannot seize Terra co-founder Daniel Shin’s cryptocurrency assets. These findings may come as a relief to Kwon, who is currently in custody in Montenegro after being charged by the SEC with multibillion-dollar fraud in mid-February.
The SEC’s lawsuit claimed that LUNC and other Terra crypto assets were offered and sold as investment contracts, hence qualifying as a security. While Shin is situated in South Korea, Kwon’s lawyers have contested the SEC’s classification of Terra assets as securities, and the law firm is also challenging the jurisdiction of the U.S. regulator. Kwon’s case may be bolstered by the recent decision in South Korea, which recognizes LUNC as a non-security.
Interestingly, a mid-April report suggests that Kwon had allegedly paid $7 million to a top law firm in South Korea before Terra’s ecosystem collapsed. This news may raise further questions about the legitimacy of Kwon’s actions and the Terraform Labs company as a whole. The ongoing legal proceedings will undoubtedly bring more clarity and closure to the matter, but for now, the recent court decision in South Korea marks a positive step forward for Kwon and Terra. Despite the news, LUNC is down 2.2% today and down 9% against the U.S. dollar over the past month.
What are your thoughts on the South Korean court’s ruling that Terra’s LUNC is not a security, and how do you think it will impact the ongoing legal battle between Do Kwon, Terraform Labs, and the U.S. Securities and Exchange Commission? Share your thoughts about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Amidst the allegations against Do Kwon, the co-founder of Terraform Labs, a recent report by the Korean Sunday News has revealed that the Seoul Southern District Court has ruled in favor of LUNA, now renamed LUNC, by stating that it is not a financial investment product. Despite the recent enforcement action by the U.S. Securities and Exchange Commission (SEC) against Kwon, the South Korean court has determined that LUNC is not a security, further clarifying its position in the matter.
In its recent ruling, the Seoul Southern District Court noted that it finds it challenging to perceive LUNC as a financial investment product regulated by the Capital Markets Act. The court further explained that the South Korean officials from the Seoul prosecutors office cannot seize Terra co-founder Daniel Shin’s cryptocurrency assets. These findings may come as a relief to Kwon, who is currently in custody in Montenegro after being charged by the SEC with multibillion-dollar fraud in mid-February.
The SEC’s lawsuit claimed that LUNC and other Terra crypto assets were offered and sold as investment contracts, hence qualifying as a security. While Shin is situated in South Korea, Kwon’s lawyers have contested the SEC’s classification of Terra assets as securities, and the law firm is also challenging the jurisdiction of the U.S. regulator. Kwon’s case may be bolstered by the recent decision in South Korea, which recognizes LUNC as a non-security.
Interestingly, a mid-April report suggests that Kwon had allegedly paid $7 million to a top law firm in South Korea before Terra’s ecosystem collapsed. This news may raise further questions about the legitimacy of Kwon’s actions and the Terraform Labs company as a whole. The ongoing legal proceedings will undoubtedly bring more clarity and closure to the matter, but for now, the recent court decision in South Korea marks a positive step forward for Kwon and Terra. Despite the news, LUNC is down 2.2% today and down 9% against the U.S. dollar over the past month.
What are your thoughts on the South Korean court’s ruling that Terra’s LUNC is not a security, and how do you think it will impact the ongoing legal battle between Do Kwon, Terraform Labs, and the U.S. Securities and Exchange Commission? Share your thoughts about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Litecoin rose marginally higher to start the week, despite cryptocurrency markets mostly trading lower on Monday. The global crypto market cap is down 0.15% at the time of writing, as volatility remains high. Chainlink also moved higher in today’s session.
Litecoin (LTC) bounced from a key point of support to start the week, as the token rallied, despite Monday’s crypto red wave.
Following a low of $84.92 on Sunday, LTC/USD raced to an intraday peak of $88.89 earlier in today’s session.
As a result of this move, litecoin moved further away from its price floor at $86.00, and is now trading at its highest point since last Friday.
From the chart, it appears that the 14-day relative strength index (RSI) has now risen to a point of resistance at 45.00, leading to LTC giving up earlier gains.
At the time of writing, the index is tracking at 44.33, with litecoin trading at $88.11.
Should price strength move beyond the 45.00 mark, there is a good chance that LTC will be back above $90.00.
Chainlink (LINK) was also in the green in today’s session, and the token rose by as much as 2%.
LINK/USD climbed to a peak of $7.25 to start the week, following a low of $6.92 on Sunday.
Today’s rebound sees LINK move away from the three-and-a-half-week low registered over the weekend.
Looking at the chart, this coincides with the RSI bouncing from a floor of its own at the 44.00 mark.
Currently price strength is tracking at 45.09, with a resistance point at 47.00 a potential target for bulls.
Should it hit this mark, then it is likely that LINK will move above $7.30.
Register your email here to get weekly price analysis updates sent to your inbox:
What has been behind today’s bearish sentiment? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Litecoin rose marginally higher to start the week, despite cryptocurrency markets mostly trading lower on Monday. The global crypto market cap is down 0.15% at the time of writing, as volatility remains high. Chainlink also moved higher in today’s session.
Litecoin (LTC) bounced from a key point of support to start the week, as the token rallied, despite Monday’s crypto red wave.
Following a low of $84.92 on Sunday, LTC/USD raced to an intraday peak of $88.89 earlier in today’s session.
As a result of this move, litecoin moved further away from its price floor at $86.00, and is now trading at its highest point since last Friday.
From the chart, it appears that the 14-day relative strength index (RSI) has now risen to a point of resistance at 45.00, leading to LTC giving up earlier gains.
At the time of writing, the index is tracking at 44.33, with litecoin trading at $88.11.
Should price strength move beyond the 45.00 mark, there is a good chance that LTC will be back above $90.00.
Chainlink (LINK) was also in the green in today’s session, and the token rose by as much as 2%.
LINK/USD climbed to a peak of $7.25 to start the week, following a low of $6.92 on Sunday.
Today’s rebound sees LINK move away from the three-and-a-half-week low registered over the weekend.
Looking at the chart, this coincides with the RSI bouncing from a floor of its own at the 44.00 mark.
Currently price strength is tracking at 45.09, with a resistance point at 47.00 a potential target for bulls.
Should it hit this mark, then it is likely that LINK will move above $7.30.
Register your email here to get weekly price analysis updates sent to your inbox:
What has been behind today’s bearish sentiment? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
PRESS RELEASE. ETH Boston and The Boston DAO are thrilled to announce the return of ETH Boston, a conference and hackathon event taking place at Boston University on April 28-30, 2023.
The conference will feature three stages of 50+ industry experts, founders, and builders, technology-specific workshops, networking events, and a hackathon. We are excited to bring to you high quality discussions with tracks covering DeFi, Infrastructure, Data, Identity, Zero-Knowledge, DAOs, DeSci, Institutional Adoption, Regulation, and more!
ETH Boston aims to build awareness and directly impact developers, investors, students, and companies who are creating the next generation of infrastructure and applications that will power the decentralized web.
The ETH Boston Hackathon provides an opportunity for builders to display their technical abilities and creativity across a 3-day competition where hackers will work to create innovative ideas and products to be judged for cash prizes and funding.
We are excited to invite you to participate in this upcoming event and contribute to the growing ecosystem of the decentralized web. Please join us in Boston for ETHBoston 2023, and be a part of the future of web3.
Register for ETH Boston and buy your tickets at https://www.ethboston.xyz/. Use code NEWS10 for a discount.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Fidelity Investments Launches Crypto, Metaverse ETFs — Says 'We Continue to See Demand'
Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. "We continue to see demand, particularly from young investors, for access ... read more.
PRESS RELEASE. ETH Boston and The Boston DAO are thrilled to announce the return of ETH Boston, a conference and hackathon event taking place at Boston University on April 28-30, 2023.
The conference will feature three stages of 50+ industry experts, founders, and builders, technology-specific workshops, networking events, and a hackathon. We are excited to bring to you high quality discussions with tracks covering DeFi, Infrastructure, Data, Identity, Zero-Knowledge, DAOs, DeSci, Institutional Adoption, Regulation, and more!
ETH Boston aims to build awareness and directly impact developers, investors, students, and companies who are creating the next generation of infrastructure and applications that will power the decentralized web.
The ETH Boston Hackathon provides an opportunity for builders to display their technical abilities and creativity across a 3-day competition where hackers will work to create innovative ideas and products to be judged for cash prizes and funding.
We are excited to invite you to participate in this upcoming event and contribute to the growing ecosystem of the decentralized web. Please join us in Boston for ETHBoston 2023, and be a part of the future of web3.
Register for ETH Boston and buy your tickets at https://www.ethboston.xyz/. Use code NEWS10 for a discount.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
PRESS RELEASE. Austin, TX – MyEListing.com, a free commercial real estate listings and data platform, has partnered with Millennial Title, and Championship Title to create a marketplace where anyone in the world can buy and sell US residential & commercial real estate with crypto via an integration with Coinbase Commerce, and close within one business day.
The initiative is called the ASAP (Accelerated Sale And Purchase) program. MyEListing.com hosts the marketplace, Coinbase Commerce converts the buyers’ crypto into cash for the seller, and Millennial Title as well as Championship Title handle the title work.
“This initiative will drive innovation in the crypto and real estate industries,” says Caleb Richter, CEO of MyEListing.com. “Real estate commerce needs to be changed. It’s hard enough as it is to buy property in your local neighborhood, let alone in another state or country. With the ASAP program, anyone, regardless of the language they speak or where they are in the world, can purchase American real estate with crypto in as little as one business day.”
Transaction times through the ASAP program are expected to be nearly 50x faster than current averages, bringing cost-saving convenience and greater accessibility to trade.
The program launches Thursday, April 20th for Texas-only properties and in June 2023 for other select states. Agents, brokers, and sellers in Texas can be the first to put their properties in front of a global audience, regardless of location, language, or currency, by submitting their properties to the ASAP program here: https://myelisting.com/asap/.
MyEListing.com is a national commercial real estate marketplace and data platform connecting real estate professionals and others from all corners of the industry. They support the likeness of NAI Global, Colliers, and Cushman & Wakefield.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
Source From : News