In the ongoing legal battle between the US SEC and Terraform Labs, the regulator has declared its decision to deny the latter’s motion for the dismissal of the lawsuit.
SEC Denies Terra Form’s Dismissal Request
The US Securities and Exchange Commission (SEC) has continuously denied TerraformLabs and its Co-founder Do Kwon Do’s motion to dismiss the lawsuit the regulator filed against it in February 2023.
The regulator alleged that the crypto firm had sold crypto asset securities to investors potentially deceiving people by claiming the tokens would increase in value and provide more gains. According to the SEC, Terraform Labs should be found guilty of misleading the public with false information and not providing complete transparency on their crypto asset securities.
The SEC has formally submitted a request to the District Court for the Southern District of New York to dismiss all pleas and requests sent by Terra and Do Kwon to the US district judge to dismiss the lawsuit. T
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