U.S. judge rules in summary judgment that Terraform illegally sold unregistered securities LUNA and MIR

Judge Jed Rakoff of the U.S. District Court for the Southern District of New York ruled in summary judgment that Terraform Labs violated federal securities laws when it sold its cryptocurrency to the public by illegally selling unregistered cryptocurrency securities LUNA and MIR. Summary judgment could impact eventual trial over Terraform Securities violations. At the same time, the judge prevented two other defense witnesses from appearing, one of whom was to testify about the activities of Terraform’s custodial wallet, and the other who was to outline Terraform’s cryptoeconomic system to the jury. (CoinDesk)