The United States Securities and Exchange Commission (SEC) has challenged the jury’s decision regarding Terraform Labs’ alleged violations and is seeking a summary judgment on all claims. The SEC argues that Do Kwon, co-founder of Terraform Labs, should be held accountable for the company’s violations of Exchange Act Section 10(b) and Rule 10b-5. The SEC claims that Kwon was involved in misleading crypto investors by promoting Terra and its tokens as securities. In response, Kwon and Terraform Labs have asked the judge to dismiss the SEC’s lawsuit, arguing that the tokens in question are not securities. However, the SEC maintains that Kwon and Terraform Labs engaged in unregistered transactions, sold securities, and committed fraud. Meanwhile, Terra co-founder Daniel Shin’s lawyer has blamed the collapse of the Terra ecosystem on the operation of the Anchor Protocol and external attacks by Do-hyung Kwon. Terra has also accused market maker Citadel Securities of intentionally causing the depeg of its TerraUSD stablecoin. Citadel Securities denies these allegations, stating that they had no involvement in the matter.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	negative
Relevance Score	1
People	Do Kwon, Daniel Shin
Companies	Anchor Protocol, Terraform Labs, Terra Classic, Citadel Securities, U.S. district court – Southern District of New York, Mirror Protocol, SEC, TerraClassicUSD, mAssets
Currencies	TerraClassicUSD, Terra Luna Classic, Mirror Protocol
Securities	None