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Terraform Labs (TFL) and its former CEO, Do Kwon, are seeking to dismiss the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) by citing Judge Torres’ decision in the XRP case. Previously, it was argued that the SEC did not have jurisdiction and that LUNA and UST were not securities under the contract.
The lawyers representing Do Kwon from the top law firm Dentons have filed an additional motion in support of the dismissal of the lawsuit brought by the SEC. Judge Jed Rakoff has granted both the defendants and the plaintiff the right to submit additional documents regarding the dismissal of the case.
The lawyers argue that Judge Torres’ precedent-setting decision in the Ripple case directly impacts the motion to dismiss the lawsuit. The SEC contends that UST, LUNA, and wLUNA are securities in this case. However, the Ripple case fails to provide sufficient evidence to prove that cryptocurrencies other than Bitcoin are securities. Additionally, it is rumored that the SEC did not claim that UST was directly or indirectly sold to anyone on a secondary market in the Luna case.
South Korean Court Rules in Favor of LUNA!
A South Korean court has strengthened Terraform Labs’ case by ruling that LUNA is not a security. According to South Korean authorities, the sales of LUNA and MIR were not similar to the institutional sales in Ripple: the sales of LUNA and MIR were smaller, and the main goal was to encourage participation in the Terra ecosystem. Terraform Labs demands the dismissal of both the fraud allegations and the registration claims made by the U.S. Securities and Exchange Commission based on this ruling.
How Did These Developments Affect the Price of LUNA?
The price of Terra (LUNA) is currently trading at $0.65 with a 10% increase over the past week. Meanwhile, Terra Classic (LUNC) and USTC are trading at $0.000087 and $0.016, respectively, with a 4% and 37% increase over the past week.
