🏛️ The SEC is in litigation with Terraform Labs over the Terra-Luna collapse and has asked Judge Jed Rakoff about the sale of unregistered securities by Terraform Labs. In response, the SEC argues that whether Terra's cryptocurrency is a security should be determined by the court, not the jury, and that Terraform Labs failed to refute the claim that it sold unregistered securities. The SEC contends that the case should be resolved through summary judgment due to incontrovertible facts, avoiding a full trial. 💼⚖️ #CryptoLegalBattle