TechFlow reports, according to a legal filing, Terra co-founder Do Kwon is seeking dismissal of the charges brought against him by the U.S. Securities and Exchange Commission (SEC).
Do Kwon argues that the SEC's claims are invalid and challenges the agency's position that tokens including MIR, LUNA, and UST constitute securities.
Previously, the Seoul Southern District Court rejected the prosecution's appeal against the denial of an asset seizure request targeting Terraform Labs co-founder Daniel Shin, ruling that the cryptocurrency Luna is not a security. The court stated, "It is difficult to conclude that Luna Coin qualifies as a financial investment product regulated under the Capital Markets Act."
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