Court documents have been filed indicating that Do Kwon, the co-founder and CEO of Terraform Labs, has asked the Securities and Exchange Commission (SEC) to drop charges against him.
in the petitionfiledOn April 21, the SEC’s allegations were dismissed, with Kwon arguing that the SEC’s claims were inaccurate. It claims that Mirror Protocol (MIR), Terra Classic (LUNC) and TerraUSD Classic (USTC) tokens are securities.
Additionally, Kwon’s advisers said that the agency does not have the appropriate authority to prosecute Kwon and Terraform Labs because Terra’s tokens and projects are “globally targeted” and not directed at cryptocurrency investors. United States
A South Korean District Court recently dismissed the lawsuit against Terraform Labs co-founder Hyun-seong Shin, holding that LUNC is not a “security” under Korean capital markets laws. This ruling only supports Kwon’s claim about LUNC, excluding other tokens.
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