SEC seeks summary judgment in Do Kwon and Terraform Labs case
#lunaclasic #LUNA2 The āevidenceā of violations provided by the SEC points to Kwonās involvement in misleading crypto investors by creating and marketing Terra and its in-house Terra (LUNA) tokens as securities.
The United States Securities and Exchange Commission (SEC) has refuted the juryās conclusion regarding Terraform Labsā alleged violations and has demanded a summary judgment on all the claims.
A court filing from Oct. 27 showed the SECās reluctance to accept the juryās leniency toward Do Kwon and his involvement in facilitating the frauds that eventually led to the collapse of the Terra ecosystem. The filing in the U.S. District Court for the Southern District of New York read:
āNo rational jury could conclude that Kwon was not liable for Terraformās violations of Exchange Act Section 10(b) and Rule 10b-5 thereunder pursuant to Exchange Act Section 20(a).ā
The āevidenceā of violations provided by the SEC points to Kwonās involvement in misleading crypto investors by creating and marketing Terra and its in-house Terra
LUNA tokens as securities.
SEC seeks summary judgment in Kwon and Terraform Labs case. Source: CourtListener
On the same day, Kwon and Terraform Labs asked the judge to toss the SECās lawsuit, arguing that Terra Classic (LUNC), TerraClassicUSD (USTC), Mirror Protocol (MIR) and its mirrored assets (mAssets) are not securities as the SEC alleged.
However, the SEC maintains that Kwon and Terraform Labs offered and sold securities, sold LUNA and MIR in unregistered transactions, engaged in transactions involving mAssets and committed fraud.