Do Kwon seeks SEC charges dismissal as S.Korea rules LUNA as non-security
The South Korean district court recently dismissed security violation charges against Terra co-founder Hyun-seong Shin, deeming LUNA as non-security under Korea’s Capital Markets Act. Court documents were filed indicating that Do Kwon, co-founder and CEO of Terraform Labs, has asked for the dismissal of charges leveled against him by the Securities and Exchange Commission (SEC). In the motion filed on Friday, April 21 to have the SEC charges dismissed, Kwon argued the SEC’s claims are invalid, pushing back against the agency’s position that tokens including MIR, LUNA (LUNA) and UST are securities. Additionally, Kwon’s counsel said the agency lacked the proper jurisdiction to bring charges against Kwon and Terraform Labs because Terra's tokens and projects were “aimed at the world” and did not specifically target U.S. investors. The South Korean district court recently dismissed security violation charges against the co-founder of Terraform Labs, Hyun-seong Shin, deeming LUNA ...