Empire Terra vs Jane Street, Circle Earnings & Robinhood’s Venture Fund | Weekly Roundup
Feb 27, 2026
A heated legal clash over alleged on-chain insider trading involving Terra and a major trading firm. A look at Circle’s strong quarter, payment network traction, and the Stripe vs Circle ownership debate. Robinhood’s new vehicle to give retail access to private companies gets explained. Tether’s big investment in a creator marketplace and stablecoin adoption among marketplaces are unpacked.
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Jane Street Lawsuit Hinges On What Was Privately Known
- The Terraform Labs lawsuit accuses Jane Street of using pre-knowledge to withdraw UST from Curve and short it, suggesting possible insider-like behavior on-chain.
- Rob Hadick notes the public blockchain visibility and 10‑minute timing create a weak insider case unless private tip evidence emerges.
Firms Blacklist Tokens After Insider Conversations
- Institutional trading desks and funds adopt conservative internal rules: blacklist tokens tied to upcoming product launches and restrict employee trading.
- Rob Hadick describes compliance measures where firms block trading and require approvals for large or sensitive token positions.
Regulatory Labels Determine Insider Liability
- Legal scope is messy: commodities enforcement (CFTC) can cover insider-like conduct, but securities law insider rules are clearer; UST's classification complicates claims.
- Santiago Roel Santos and Rob emphasize precedent will depend on how courts classify UST and the info flow.