A United States court has ruled in favor of the Securities and Exchange Commission (SEC) regarding allegations that Terraform Labs and its former CEO, Do Kwon, offered and sold unregistered securities.
According to court documents, the court granted summary judgment for the SEC on Count IV of the Amended Complaint, involving the defendants’ unregistered offers and sales of LUNA and MIR tokens in violation of Sections 5(a) and (5c) of the Securities Act.
It also grants summary judgment for defendants on “Counts V and VI of the Amended Complaint, involving the alleged unregistered offers of and transactions in security-based swaps.”
The jury trial is set to commence on Jan. 29, 2024.
This is a developing story, and further information will be added as it becomes available.
