Feb 18, 2023
SEC Charges Terraform Labs & Founder, Sparks Crypto Community Outcry
The SEC has recently charged Do Kwon, the founder of Terraform Labs, for the alleged sale of a suite of crypto asset securities. This has caused a stir in the crypto and web3 community, where lawyers and other members have voiced their opinions on the matter.
Mike Selig, a web3 lawyer, expressed his thoughts on Twitter, saying that the SEC’s characterization of the algorithmic stablecoin TerraUSD Classic (USTC) as a security could mean that nearly anything could be a security. Mike Wawszczak, the general counsel for Alliance DAO, further commented that SEC Chairperson Gary Gensler may want “complete discretion” in applying securities laws to any transactions.
Justin Browder, a partner at the law firm Willkie Farr & Gallagher, likened the SEC’s description of USTC’s use to generate returns on another protocol to “depositing fiat in a bank” and questioned whether there is another non-security currency that does not behave like that. He described the SEC’s actions as “wild.”
Dylan Daniel, a Web3 community member, believes that if everything becomes a security, the SEC will have to expand and scale itself. He hopes that Gensler has a solid plan.
The SEC’s decision to go after Paxos and label Binance USD (BUSD) stablecoin as a security has also caused confusion in the community. Many argued that users of the stablecoin do not purchase it and expect its price to go up.
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Web3 agencies are also becoming more popular, as they specialize in providing services related to the web3 space, such as NFT marketing, NFT promotion, and selling NFTs. These agencies can help businesses with their NFT marketing efforts, allowing them to reach more potential customers and increase their sales.Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.