almost all cryptocurrency arguing that the units are securities SECAt this point, it sues projects and platforms that do not comply with securities laws.
One of the projects the SEC has sued is one that caused huge losses to investors. Terra (Luna) it happened.
Accordingly, the SEC Terraform Labs (TFL) and former CEO Do Kwon sued and UST, Terra (LUNA), wLUNA, MIR He argues that there are securities and that Terra sells tokens in the status of security to its customers in the US without registering it.
As the SEC’s lawsuit against Terra and Do Kwon continues, Terraform Labs and Kwon agree with Judge Torres to dismiss the SEC’s lawsuit. XRP citing his decision as a precedent.
Lawyers from TFL and Dentons, the law firm representing Do Kwon, who submitted additional documents to the court, claimed that the XRP decision directly affected the case against Terra and Kwon.
At this point, the lawyers stated that the decision of the court that the sale of XRP in the secondary markets, that is, in the stock exchanges, is not a security, will also be applied to the Terra case. “Terra sells LUNA and MIR on secondary markets” He said his claim was unsuccessful.
Because lawyers XRP As in his decision, he thinks that the sale of Terra and MIR in the secondary markets should not be seen as securities.
Lawyers also LUNA and MIR’s corporate sales are not resales either, adding that a South Korean court has ruled that LUNA is not a security, further strengthening Terraform Labs’ hand in the SEC case.
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