TechFlow news: In the U.S. Securities and Exchange Commission's (SEC) lawsuit against Binance, its U.S. arm, and former CEO Changpeng Zhao, newly filed documents submitted by the SEC to the court indicate that the agency is citing the summary judgment from its case against Terraform Labs—regarding UST and LUNA as securities—as supplementary authoritative support in the Binance case.
The SEC urges the court to consider applying similar reasoning used in the Terraform Labs case to this proceeding.
The court previously applied the 'Howey Test' to UST, LUNA, wLUNA, and MIR, classifying them as securities. The SEC asserts that this ruling is relevant to Binance’s BUSD, staking services, BNB Vault, and Simple Earn program.
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