Just weeks after the novel securities analysis in SEC v. Ripple Labs was handed down, a different court in the Southern District of New York has distinguished the approach taken in Ripple and argued against its policy outcomes in another, high-profile enforcement action by the SEC involving digital assets. In this Legal Update, we examine the ruling in SEC v. Terraform Labs and how it compares to the Ripple ruling, as well as giving a practical take on what the rulings means for digital assets in the United States.

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