Terraform Labs applies for a jury to rule on whether UST and LUNA tokens are securities
ChainCatcher news, Terraform Labs this week filed a motion with a New York judge, requesting a jury to decide whether the UST stablecoin and LUNA cryptocurrency it developed are considered securities. The U.S. Securities and Exchange Commission (SEC) insists that this matter should be determined by the judge.It is reported that the SEC sued Terraform Labs and its co-founder Do Kwon in February, accusing them of raising billions of dollars from investors by "issuing and selling a series of interconnected crypto asset securities, most of which were unregistered transactions." Terraform Labs' attorney David Kornblau stated in a letter to Judge Jed Rakoff on Monday that it should be up to the jury to decide "whether the SEC has met its burden of proving that UST, LUNA, wLUNA, and MIR tokens are securities." This letter followed a letter submitted by the SEC, in which the agency argued that a jury has almost never decided whether something is an investment contract.
