Judge Jed Rakoff — the judge overseeing the US Securities and Exchange Commission’s case against Terraform Labs and former CEO Do Kwon — has granted a summary judgment in favor of the regulatory agency.

The judgment asserts that both Kwon and Terraform offered and sold unregistered securities. The claim is focused on LUNA and MIR tokens. 

The SEC argued that Kwon and Terraform “offered and effected transactions in unregistered security-based swaps, and claims that defendants engaged in fraudulent schemes to lead investors astray.”

Read more: Where things stand: The SEC vs Do Kwon and Terraform Labs

Rakoff wrote that he “grants summary judgment for the SEC on Count IV of…

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