{"id":553100,"date":"2023-02-17T14:32:37","date_gmt":"2023-02-17T11:32:37","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sec-going-after-terra-sparks-responses-from-crypto-lawyers-wild\/"},"modified":"2023-02-17T14:32:37","modified_gmt":"2023-02-17T11:32:37","slug":"sec-going-after-terra-sparks-responses-from-crypto-lawyers-wild","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sec-going-after-terra-sparks-responses-from-crypto-lawyers-wild\/","title":{"rendered":"# SEC going after Terra sparks responses from crypto lawyers: \u2018Wild\u2019"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a284c8ae8edf\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a284c8ae8edf\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/sec-going-after-terra-sparks-responses-from-crypto-lawyers-wild\/#%E2%80%9D_SEC_going_after_Terra_sparks_responses_from_crypto_lawyers_%E2%80%98Wild_%E2%80%9C\" >&#8221; SEC going after Terra sparks responses from crypto lawyers: \u2018Wild\u2019 &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_SEC_going_after_Terra_sparks_responses_from_crypto_lawyers_%E2%80%98Wild_%E2%80%9C\"><\/span>&#8221; SEC going after Terra sparks responses from crypto lawyers: \u2018Wild\u2019 &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvMjkxYTdjMzQtOGQ0OC00MmM4LWFkMDgtZTU4NDhhZTU4ZDFlLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>Terraform Labs and its founder Do Kwon being in the sights of the United States Securities and Exchange Commission (SEC) have sparked various reactions from lawyers within the crypto community.\u00a0<\/p>\n<p>On Feb. 16, the SEC accused and charged Kwon and Terraform Labs for allegedly selling a \u201csuite of crypto asset securities.\u201d While community members are not defending Kwon for his actions, they are questioning the manner in which the SEC is going after Terra and its founder. <\/p>\n<p>Web3 lawyer Mike Selig posted his thoughts on the issue on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>. According to Selig, the SEC characterizes the algorithmic stablecoin Terra USD (UST) as a security because it could be exchanged for LUNA, now known as Luna Classic (LUNC), which is also a security according to the SEC. Selig <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MikeSeligEsq\/status\/1626341657409949697\">explained<\/a> that under this theory, \u201cnearly anything can be a security.\u201d<\/p>\n<p>Mike Wawszczak, the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> counsel for Alliance DAO, also commented on the topic. According to Wawszczak, SEC Chairperson Gary Gensler may want \u201ccomplete discretion\u201d in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lying securities laws to any transactions. He tweeted: <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">hmm<\/p>\n<p>hard to read the SEC v. TFL complaint and not conclude that Chairman Gensler wants complete discretion to apply securities laws to any transaction he wants.<\/p>\n<p>for that job, he requested $2.2 billion in FY 2023.<\/p>\n<p>(for comparison, San Francisco&#8217;s budget last year was $13 bil) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/BlcWyFgp4H\">https:\/\/t.co\/BlcWyFgp4H<\/a><\/p>\n<p>\u2014 Mike Wawszczak (@mikedotwaves) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mikedotwaves\/status\/1626426863597010947?ref_src=twsrc%5Etfw\">February 17, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Justin Browder, a partner at the law firm Willkie Farr &amp; Gallagher, likened the SEC\u2019s description of UST\u2019s use to generate returns on another protocol to \u201cdepositing fiat in a bank.\u201d The lawyer also questioned whether there is another non-security currency that does not behave like that. In the end, Browder described the SEC\u2019s actions as \u201cwild.\u201d\u00a0<\/p>\n<p>Apart from the lawyers, other members of the crypto community also added to the conversation. Dylan Daniel <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/thomasdylandan2\/status\/1626360078973403136\">believes<\/a> that if everything becomes a security, the SEC will have to expand and scale itself. The Web3 community member hopes that Gensler has a solid plan.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Terra lawsuit a \u2018roadmap\u2019 to attack other stablecoins: Delphi Labs<\/em><\/strong><\/p>\n<p>On Feb 13, similar sentiments went all over Twitter when the SEC decided to go after Paxos, highlighting that the BUSD (BUSD) stablecoin is a security. Many members of the community were confused and argued that users of the stablecoin do not purchase it and expect its price to go up. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/sec-going-after-terra-sparks-responses-from-crypto-lawyers-wild\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; SEC going after Terra sparks responses from crypto lawyers: \u2018Wild\u2019 &#8220; Terraform Labs and its founder Do Kwon being in the sights of the United States Securities and Exchange Commission (SEC) have sparked various reactions from lawyers within the crypto community.\u00a0 On Feb. 16, the SEC accused and charged Kwon and Terraform Labs for&#8230;<\/p>\n","protected":false},"author":1,"featured_media":553101,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/291a7c34-8d48-42c8-ad08-e5848ae58d1e.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,131670,74898,122378,70934],"class_list":["post-553100","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-lunc","tag-sec","tag-terra","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/553100","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=553100"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/553100\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/553101"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=553100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=553100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=553100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}