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The SEC filed a securities fraud lawsuit against Terraform Labs and its former CEO Do Kwon in 2022, and ahead of the trial, the regulator wants the court to block the bankrupt blockchain firm from
Terraform Labs, the blockchain firm behind the TerraUSD (UST), said Tuesday that its Chapter 11 bankruptcy filing would also help keep the Terra network's operations rolling.
The agency said Coinbase was wrong to rely on a recent court ruling that found cryptocurrency developer Ripple Labs Inc did not violate federal securities law by selling its XRP token on public exchanges, citing a subsequent ruling in the case of Terraform Labs that rejected the court's reasoning.