Terraform Labs seeks court to dismiss SEC securities fraud charges over failure to prove company issued unregistered securities

Terraform Labs and its co-founder Do Kwon filed a motion with the court seeking to dismiss the U.S. SEC’s accusation that they participated in billions of dollars in securities fraud. Terraform Labs stated that the U.S. SEC has not proven that it issuance of securities and has not provided a reason for its issuance of unregistered securities. "After two years of investigation, at the end of the evidence collection period, the SEC heard more than 20 testimonies and exchanged more than 2 million pages of documents. and data, but it is clear that it still cannot prove any wrongdoing by the defendant.” (CoinDesk)