Judge rejects motion to dismiss Terraform case, disagrees with Ripple decision

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Judge rejects motion to dismiss Terraform case, disagrees with Ripple decision
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The SECGov lawsuit against Terraform Labs is set to go ahead after a federal judge has denied a motion to dismiss. The same judge has also rejected a ruling made in the SEC v. Ripple case.

In rejecting the defendants’ motion to dismiss, Judge Jed Rakoff of the Southern District Court of New York“For purposes of this motion, all well-plead allegations must be taken as true, and all reasonable inferences therefrom must be drawn in the SEC’s favor.”

In its previous dismissal motion, Terraform Labs’ representatives argued that the SEC lacks jurisdiction over both the company and its founder. It also pushed back against the agency’s position that tokens including Mirror Protocol , Terra Classic and TerraUSD Classic are securities. It also argued, in light of the Supreme Court ruling on the major questions doctrine, “Congress is not only engaging in robust debate over how crypto should be regulated, it is asking the SEC to wait for Congress to act.”

It went on to cite a procedural issue in the agency’s suit against Coinbase and its newly divulged emails concerning former SEC director William Hinman that

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