Terraform Labs' collapse caused regulators in South Korea and the USA to investigate. The legal team in the US attempted to use Ripple's recent success against the SEC to their advantage, but Judge Jed Rakoff ruled that tokens minted on the Terraform Blockchain qualify as securities under the Howey test. Judge Rakoff also disregarded legal precedent and denied Terraform Labs' attempt to dismiss the court case filed by the SEC against them. This decision may have consequences for Ripple Labs' court case, potentially prolonging their legal battle.
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Judge Rakoff Rules Terraform Tokens as Securities, Disregards Legal Precedent
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