SEC Files Opposition Memo Against Terra and Do Kwon’s Motions

The United States Securities and Exchange Commission (SEC) filed seven court documents opposing the motion of Terraform Labs (TFL) and Terra cofounder Do Kwon to discharge the lawsuit.

SEC Files Opposition Memo Against Terra and Do Kwon's Motions

The latest development in the litigation between the U.S. Securities and Exchange Commission (SEC) and Terra and Do Kwon is that the SEC has requested that the court deny the defendants’ motion to dismiss the lawsuit.

The SEC maintains its allegations that Terra and Do Kwon engaged in fraud and violations of security laws.

US SEC Requests a Summary Judgment in the Case of Terra and Do Kwon

Seven of the most recent filings by the U.S. Securities and Exchange Commission (SEC) were submitted to the District Court for the Southern District of New York on November 7.

Every memorandum of law that has been filed opposes the motions and non-motions that the defendants Terraform Labs (TFL) and Do Kwon have requested.

The SEC has requested summary judgment from the court.

It asserts that uncontested record evidence supports the claim that Do Kwon and TFL defrauded $45 billion from investors by violating securities and exchange laws.

The SEC has requested that the court deny all requests made by Terra and Do Kwon in their motions and non-motions.

This provides the defendants with summary judgment and the dismissal of the lawsuit.

Formerly, the SEC contended that Terraform and Do Kwon were responsible for the development of the Terra blockchain and associated crypto asset securities, the marketing of crypto assets, including LUNA (presently LUNC), wLUNA, and UST as securities, and the public offering of LUNA.

Furthermore, the defendants engaged in the direct sale of LUNA and MIR on public trading markets, all the while deceiving and misrepresenting investors regarding Chai and depegging events scheduled for 2021 and 2022.

Terra Ecosystem Tokens Still Under Pressure

Despite the recent recovery of the crypto market, Terra ecosystem tokens continued to be under pressure.

Nevertheless, significant announcements and novel proposals have generated an upward movement.

The price of Terra (LUNA) increased by 1% in the past 24 hours and 6% over the past week.

Presently trading at $0.474, the price has climbed to a 24-hour high of $0.48.

In the interim, the prices of Terra Classic (LUNC) and USTC approach levels of resistance at $0.000070 and $0.012, respectively.

The community anticipates a return to levels observed in January.