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securities regulationsCoinGape
•73% Informative
The SEC has clarified its stance on the classification of several prominent cryptocurrencies as securities.
These include Terra Luna Classic ( LUNA ), Polygon (MATIC), The Sandbox ( SAND ), Chiliz ( CHZ ), and Decentrland (MANA) This legal action underscores the SEC ’s contention that these digital assets were initially offered and sold as investment contracts.
The Federal Court for the Southern District of New York ruled on December 28, 2023 , that LUNA and wLUNA were sold as investment contracts.
The SEC seeks to stand by this ruling.
Terraform ’s marketing emphasized their team's expertise. These factors led to the Federal Court ruling.
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