U.S. court to rule on Terraform Labs' push to dismiss SEC lawsuit within a month

The U.S. court will rule on Terraform Labs's push to dismiss the SEC lawsuit within a month. Judge Rakoff said he would announce the ruling on the motion to dismiss on or before July 14. (CoinDesk)

Previously, in February 2023, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit in the U.S. District Court for the Southern District of New York, accusing Singapore-based Terraform Labs PTE Ltd and Do Hyeong Kwon of planning a multi-billion-dollar crypto asset securities fraud involving algorithmic stablecoins and other crypto asset securities, in violation of the registration and anti-fraud provisions of the Securities Act and the Exchange Act. In April, Terraform filed to dismiss the charges, claiming that the U.S. SEC did not assert jurisdiction over the company or Kwon, and raised disputes related to the Administrative Procedure Act and the main issue principle.