The U.S. SEC has submitted a letter to Judge Jed Rakoff in the ongoing case against Terraform Labs, presenting the argument that the crypto assets should be classified as securities under legal definitions.
The letter, dated Dec. 4, outlines the regulator’s position and proposes that the court, rather than a jury, determine whether the tokens in the case are securities.
The SEC’s letter referred to the Howey Test, derived from the 1946 Supreme Court case SEC v. W.J. Howey Co., to support its argument. The watchdog said that courts have always decided such matters as part of the law without the involvement of a jury.
Terra’s tokens are securities: SEC
According to the SEC, the defendants’ offerings of crypto assets satisfy all prongs of the Howey test, which assesses whether there is an investment of money in a common enterprise with expectations of profit primarily from the efforts of others.
The commission insists that there is no significant dispute over the facts that establ
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