US court sided with SEC in Do Kwon, Terraform Labs case
A US court has ruled against the Securities and Exchange Commission (SEC) indicting Terraform Labs and former CEO Do Kwon for offering and selling unregistered securities.
According to court documents, the court granted summary judgment to the SEC on Amended Complaint No. IV, alleging the defendants' unregistered offers and sales of LUNA and MIR tokens in violation of Section 5(a) and (5c) of the Securities Act. .
It also grants defendants summary judgment on “Counts V and VI of the Amended Complaint, involving unregistered offers and transactions on securities-based exchanges.”
A jury trial is set for January 29, 2024.
This is a developing story, and more information will be added as it becomes available.
