Odaily Planet Daily reports that former Terraform Labs CEO Do Kwon’s lawyer said that the U.S. Securities and Exchange Commission’s (SEC) lawsuit charging Do Kwon with Terraform Labs Pte for securities fraud is without merit, in part because the stablecoin in question is a currency. , rather than securities. In asking the judge to dismiss the lawsuit, the lawyer said that U.S. law prohibits regulators from using federal securities laws to assert jurisdiction over digital assets in this case. According to previous news on February 17, the US SEC filed a lawsuit in the District Court of the Southern District of New York, accusing Singapore-based Terraform Labs PTE Ltd and Do Kwon of orchestrating a multi-billion dollar crypto asset securities fraud involving algorithmic stablecoins and other crypto assets. securities, in violation of the registration and anti-fraud provisions of the Securities Act and the Exchange Act. (Bloomberg)