TechFlow reported, according to CoinDesk, that the U.S. Securities and Exchange Commission's (SEC) lawsuit against Terraform for securities fraud has entered the anticipated pre-trial phase. Terraform Labs has filed a motion for summary judgment with Judge Jed Rakoff of the U.S. District Court for the Southern District of New York, requesting the judge to dismiss the SEC's allegations that Do Kwon and his company were involved in a multibillion-dollar securities fraud. In its motion, Terraform argued: "After two years of investigation and following the conclusion of the discovery period, during which the SEC took over 20 depositions and exchanged more than 2 million pages of documents and data, it is clear that the SEC still cannot demonstrate any wrongdoing by the defendants."
Terraform is asking the judge to rule that the SEC lacks sufficient evidence to justify a trial and to reject the opinions offered by the experts hired by the SEC.
Previously, Terraform had attempted to have the case dismissed entirely, but that request was denied by the court.
