Lawyers representing Terraform Labs and its co-founder asked a judge to decide a case brought by the SEC in an effort to avoid a full trial.
Lawyers representing Terraform Labs and its co-founder Do Kwon asked a New York judge to make a decision in a case brought by the Securities and Exchange Commission without a full trial, arguing that they didn't do anything wrong.
"But after two years of investigation, the completion of a discovery period that resulted in the taking of more than 20 depositions, and the exchange of over two million pages of documents and data, the SEC is evidentiarily no closer to proving that the Defendants did anything wrong," the lawyers said in a motion for a summary judgment last week.
Algorithmic stablecoins, like Terra USD, use market incentives via algorithms to maintain a stable price. Terra was linked to Luna, a governance token, to keep the prices stable. Billions were wiped out when Terra USD crashed.
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