Terraform Labs, the developer of the Terra blockchain, requested that the jury decide whether Terra USD (UST) and LUNA are securities.
The US Securities and Exchange Commission (SEC) recently February Terraform Labs and its co-founder in To Do Kwon He filed a lawsuit and accused him of illegally selling securities. causing losses to thousands of investors TOP And of LUNA Is it a security or a commodity? Discussions about whether this happened were frequently brought up during the court process.
Terraform Labs lawyer David Kornblaujudge recently Jed Rakoff In the letter he sent, TOP, LUNA wLUNA And MIR He wanted the court jury to decide on the legal status of his tokens. SEC on this matter on the decision to be made by the judge While they were insistent, the jury request of the Terraform Labs front attracted attention.
The SEC submitted a similar letter last week, arguing that a jury almost never decides whether an asset is an investment contract.
Both Terraform Labs and the SEC are requesting that the case be granted summary judgment without proceeding to a full trial. On the other hand, Terraform Labs’ co-founder Do Kwon’s prison term in Montenegro expired and he was released shortly after. to USA or to south korea It is expected that he will be extradited and included in the lawsuit process.