Judge Rules Terra Tokens Are Unregistered Securities, Boosting SEC Case
- Judge rules Terra's tokens (including UST and LUNA) are unregistered securities in victory for SEC
- Departs from recent Ripple ruling that found XRP not a security
- Cites longstanding Supreme Court Howey test for what constitutes a security
- Leaves open questions around fraud claims related to UST's depegging
- Jury trial scheduled to begin January 2024 on remaining issues