SEC lawyers question the adequacy of Dentons' additional documents in the lawsuit dismissal motion.
The lawyers representing the United States Securities and Exchange Commission have contended that the additional documents submitted by Dentons, the legal counsel for Terraform and Do Kwon, in support of their motion to dismiss the lawsuit, lack adequate support for dismissing the case.that the Binance.US transcript and internal SEC emails, presented by the defense, hold no relevance to the current case.
The legal team from Dentons asserts with conviction that the algorithmic stablecoin UST is not classified as a security, emphasizing its practical purpose rather than being an investment contract. In support of their motion to dismiss the lawsuit, they submitted supplementary documents, which encompass the U.S. House Financial Services Committeeand stablecoin issuance, the SEC's request for a restraining order against Binance.US, and the Hinman emails from the SEC v. Ripple lawsuit.
The defense lawyers highlighted the existence of a"regulatory gap" regarding the classification of crypto assets as securities, particularly as the U.S. Congress engages in discussions about regulatory frameworks for digital assets and stablecoin issuance. Additionally, they argued that the SEC is exceeding the scope of securities laws and relying on internal emails related to"investment contracts" to determine the security status.
Judge Jed Rakoff who is presiding over the case has announced that a decision on the motion to dismiss the case will be rendered by July 14th. Dentons represented Do Kwon earlier to challenge the US SEC subpoena in its investigation of Mirror Protocol in 2021 and a class action
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