- MetaLawMan thinks the reported settlement between the SEC Do Kwon is good news.
- LUNA surged 80% in one week following the tentative agreement report.
- TerraUSD’s collapse in 2022 marked a dark moment in the cryptocurrency market.
Cryptocurrency advocate James “MetaLawMan” Murphy believes the reported settlement between the U.S. Securities and Exchange Commission and Terraform co-founder Do Kwon is a positive development.
According to Murphy, the proposed settlement would mean that either the Ripple or the Coinbase case will be the first to reach the 2nd Circuit Court of Appeals to address the legal status of crypto assets.
Meanwhile, the legal expert highlighted the report of an agreement in principle following the SEC’s case against Do Kwon and Terraform. The report claimed that the commission had reached a tentative agreement with the defendants over the suit alleging they misled cryptocurrency investors before the 2022 collapse of the stablecoin TerraUSD.
While Murphy’s comment focused on the legal implication of the report and its potential regulatory gains for the crypto industry, the LUNA community reacted positively to the news. The report’s impact was reflected in a stellar surge for the Terra LUNA ecosystem’s native token, LUNA.
Notably, LUNA began a rally shortly after the report surfaced and has continued to climb for the past week. The altcoin, which had endured a year of bearish pressure, surged significantly, breaking above notable resistance, and has gained over 80% in the past seven days.
TradingView data shows that LUNA traded for $0.000053 at the time of writing, with a price action that suggests residual bullish momentum.
The TerraUSD collapse in 2022 was a dark moment in the cryptocurrency market and added pressure to the overall bear trend. The SEC estimated investors lost over $40 billion in the collapse of TerraUSD and LUNA. However, the reported settlement agreement offers renewed hope to the LUNA community as reflected in the token’s resurging prices.
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