Lawyers representing the United States Securities and Exchange Commission (SEC) have argued that the additional documents submitted by Dentons — the law firm representing Terraform Labs and Do Kwon — in support of its motion to dismiss the lawsuit lack adequate support for dismissing the case.
The SEC’s counsel asserts that the Binance.US transcript and internal SEC emails presented by the defense are irrelevant to the current case. They argue that the Howey test clearly defines the parameters of an “investment contract” and contend that TerraUSD (UST) should be classified as a security.