Key Points

• Do Kwon team slams SEC, says UST is not a security
• South Korean court claims that Kwon was right

A South Korean court ruling has exposed the US Security and Exchange Commission (SEC) crypto law translation, while the SEC is claiming that Luna is a security, a South Korean court has said otherwise, it looks like the SEC will need to hire some bilinguals for proper interpretation of that.

Earlier this year, whether you could recall or not, MyCryptoParadise reported that Gary Gensler extended his crypto crackdown mission to Terra Labs and its executives, alleging that it offered and raised funds from unregistered securities.

However, Terra Labs CEO is still pulling some strings even though he’s in a custody in Montenegro, on Friday, he requested that SEC charges against him and Terra Labs should be dismissed, claiming that UST, MIR and Luna are not securities, meaning that SEC should mind its godamn business and not add to the weight of the charges against him.

To further affirm Kwon and Terra Labs’ stance on Luna, UST, and Terra Mirror Protocol (MIR), a South Korean court has ruled that Kwon was right in his claims about whether or not the named assets are securities.

“Based on the data submitted by the prosecution, it is difficult to say that Luna falls under the financial investment product regulated by the Capital Markets Act,” the local report quoted.

Furthermore, Kwon team slammed SEC, claiming that the assets he offered are not sold only to the people of the US but to the whole world, therefore, it is quite unreasonable for the agency to sue Kwon as it lacked proper jurisdiction to do so.

It also claimed that the US does not have an understandable basis for the definition of cryptocurrency security, additionally, UST does not pass the Howey test, a test developed to determine whether an asset can be classified as a security.

Terra collapsed in May 2022 caused quite a lot of investors losing their money, the event was preceded by the bankruptcy of crypto firms, especially crypto lenders, and the meltdown of the FTX exchange, all these together pushed regulators to raise eyebrows on crypto firms and Do Kwon has been a wanted fugitive until he was arrested in Montenegro recently while he was attempting to flee the country using a fake passport.

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