Terraform Labs asks judge to let jury decide whether UST and LUNA tokens are securities

Terraform Labs asked a New York judge this week to let a jury decide the regulatory status of UST and LUNA tokens. Terraform Labs, the creator of failed Terra stablecoins UST and LUNA, asked a New York judge to let a jury decide the tokens’ regulatory status. The Securities and Exchange Commission (SEC), on the other hand, insists that the matter should be decided by a judge. The SEC sued Terraform Labs and its co-founder Do Kwon in February, accusing them of raising billions of dollars from investors by "offering and selling a series of interconnected crypto-asset securities, many of which were unregistered transactions." David Kornblau, an attorney for Terraform Labs, said in a letter to Judge Jed Rakoff on Monday that the jury should decide “whether the SEC has met its burden of proving” that the UST, LUNA, wLUNA and MIR tokens are securities. The letter follows a letter filed by the SEC in which it said juries almost never decide whether something is an investment contract. (The Block)