Do Kwon's lawyer: The US SEC has no basis for accusing Do Kwon and Terraform Labs of securities fraud

Lawyers for former Terraform Labs CEO Do Kwon say the U.S. Securities and Exchange Commission (SEC) lawsuit alleging securities fraud between Do Kwon and Terraform Labs Pte is baseless, in part because the stablecoin in question is a currency, not a security. In asking the judge to dismiss the lawsuit, the attorney said U.S. law prohibits regulators from “using federal securities laws to assert jurisdiction over the digital assets in this case.” Foresight News previously reported that on February 17, the U.S. SEC filed a lawsuit with the U.S. District Court for the Southern District of New York, accusing Singapore-based Terraform Labs PTE Ltd and Do Hyeong Kwon of orchestrating billions of dollars in crypto asset securities fraud involving algorithmic stability. Bitcoin and other cryptoasset securities in violation of the registration and anti-fraud provisions of the Securities Act and the Exchange Act.