Terra and Do Kwon’s legal team argued that the recent ruling in the case of US SEC v. Ripple Labs directly impacts their motion to dismiss. The SEC sued Do Kwon and his company for selling unregistered securities namely UST, LUNA, wLUNA, and MIR. Judge Analisa Torres ruled that cryptocurrency sales to retail investors on exchanges do not qualify as an investment contract i.e. a security. Terraform Labs and Do Kwon’s legal filed a motion to dismiss the U.S. Securities
