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Dismiss of US SEC Legal Action against Do Kwon & Terraform

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Terraform Labs and its co-founder, Do Kwon were represented by a top-notch law firm Dentons to file an extra document.

This new document filed by the company is to back up the motion of dismissing the legal action which the United States SEC filed against Do Kwon and Terraform Labs.

Yesterday’s June 15 court hearing was focused on determining if the digital assets which were developed by the company were securities under an “investment contract”.

Furthermore, the attorneys mentioned that there is a “regulatory gap” in determining if cryptocurrency assets are securities as the US Congress deliberates on the regulatory structure for a stablecoin and digital assets issuance.

READ ALSO: Binance U.S and SEC To Agree On Asset Freeze

How did the Court Respond to the Latest Filing?

It seems that the United States Judge is considering whether the cryptos from Terraform Labs were securities during yesterday’s hearing.

Jed Rakoff, the Judge presiding over the case stated that by July 14, he will rule on the motion of dismissing the case.

During Thursday, June 15 hearing, the lawyers of Do Kwon and Terraform Labs together with the lawyers of the US Securities and Exchange Commission filed their responses.

Both parties were responding to the motion of dismissing the lawsuit during the United States District Court hearing for the Southern District of New York yesterday.

In defense of Do Kwon and Terraform Labs, the Dentons lawyers fiercely claimed that algorithmic stablecoin UST which is now USTC isn’t a security.

They argued that the stablecoin was created for practical reasons instead of as an investment contract.

Furthermore, Denton’s lawyers filed more documents to back up the motion of dismissal of the lawsuit.

The Denton’s lawyers cited the US House Financial Services Committee hearing on digital assets rules and stablecoin issuance, Hinman’s email in the lawsuit of SEC against Ripple, and SEC’s demand for a restraining order against Binance US as grounds for dismissal.

How did SEC Respond?

Reacting to the motion, the United States SEC lawyers presented their argument to the court.

According to the SEC lawyers, the latest documents filed by Terraform Labs lawyers do not in any way support the motion of dismissing the lawsuit.

In addition, the internal emails of SEC and Binance.US transcript are not related to this case.

Besides, they insisted that the Howey Test specifically indicated what comprises an “investment contract” whereas UST was a security.

Meanwhile, both parties are waiting for the court ruling by July 14 for the outcome of the motion.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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