SEC Seeks Summary Judgment in Terraform Labs Securities Case!

The Securities and Exchange Commission (SEC) has requested a summary judgment in its case against Terraform Labs and its founder, Do Kwon, stating that there is “no genuine dispute as to any material fact”. The SEC is arguing that Kwon and Terraform sold securities, as there is no dispute that purchasers made an investment of money in the enterprise. The SEC used the Howey test, which determines whether a transaction qualifies as an investment contract and can be considered a security under US federal law, to make their case. Kwon’s defense team has filed a similar document, arguing that the SEC hasn’t proven they were offering securities.