The US Securities and Exchange Commission (SEC) requested the judge overseeing the case against Terraform Labs to rule whether Terraform offered and sold unregistered securities. The SEC argues that a jury should not determine the status of securities.
Status of Securities is Not “A Factual Question for the Jury”
In its case against Terraform Labs and its former CEO, Do Kwon, the SEC asked that a jury be prevented from deciding the alleged securities.
In a filing to the US District Court for the Southern District of New York, the SEC argued determining whether specific crypto assets are securities is a “legal question to be determined [by] the Court, not a factual question for the jury.”
The SEC said that sending the question of whether certain crypto in the Terraform case qualified as securities under the Howey Test brought the matter forward for discussion.
In its filing, the SEC states:
“There is no genuine dispute of material fact that Defendants’ crypto asset
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