Terraform Labs will get an answer on its motion to dismiss an SECGov lawsuit by this time next month, a U.S. judge told the company as it argued in court Thursday that TerraUSD (UST) was not a security. nikhileshde reports
Even though some people may have staked UST in the Anchor protocol in the hopes of a return, the token itself should not be considered a security because of the possible other uses, the defense argued.
The expectations by investors and the economic realities around the UST token are what led to the SEC's assertion that there were securities violations, she said., alleging it and founder Do Kwon mislead investors in the TerraUSD project, and alleging that Terraform's Anchor Protocol and LUNA token were securities.
"It's true that the original algorithm was coded by TFL, but then it was turned over to the community," Henkin said. But Staren said the decision only"prevents agencies from promulgating extraordinary new rules," saying the SEC is only enforcing existing law.
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