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A South Korean district court in Seoul ruled against the notion that Do Kwon's Terra Classic (LUNC) is a security under the country's Capital Markets Act.

Do Kwon's lawyers indicated that Coinbase does not list securities, and the SEC has not been granted the powers by Congress to regulate digital assets as securities or commodities.

A South Korean court dismissed charges of security violations against former Terraform Labs CEO Hyun-seong Shin, ruling that LUNA is not a security under the country's Capital Markets Act. The court rejected the prosecution's appeal for confiscation of Shin's properties and arrest, and stated that Luna is not a financial investment product regulated by the act.

Lawyers for Do Kwon, founder of the defunct crypto issuer Terraform Labs, have requested a U.S. court to dismiss charges brought against him by the SEC, citing lack of jurisdiction among other reasons, according to court filings from Friday. Kwon has been on the run since the collapse of his cryptocurrency enterprise in May 2022 and was recently arrested in Montenegro for attempting to travel with falsified documents.

Luna's status as a potential crypto asset security is not only being questioned by Do Kwon's lawyers, but also allegedly by South Korean courts.

Chinese crypto journalist and blogger Colin Wu has shared a link to a South Korean media outlet that stated that a Seoul court rejected claims that LUNA cryptocurrency is a security.

The court in its ruling noted that It is difficult to see Luna coin as a financial investment product regulated by the Capital Markets Act.

The SEC cannot regulate digital assets involved in the case as the UST stablecoin is a currency, not a security, lawyers for the disgraced crypto executive said.

Terraform Labs co-founder, Kwon Do-hyeong, will appear in a court in Montenegro in connection with charges of attempting to travel using a fake passport. The news was broken by the court website in Podgorica, the country's capital.

The court ruled that the prosecution could not seize the assets of Terraform Labs co-founder Daniel Shin and turn them over to the state treasury.

LUNC News: Luna Classic (LUNC), the native token of the Terra blockchain has been reportedly declared a non security crypto in the latest court judgment. This comes as a shock for the prosecutors who moved forward with charging Terraform Labs' co-founder for violating the Capital Market Act.

Do Kwon will appear in court in Montenegro on May 11 on allegations of trying to travel with a forged passport.

In a court filing last Friday, lawyers for Terra (CRYPTO: LUNA) cofounder Do Kwon asked a judge to dismiss the U.S. Securities and Exchange Commission's lawsuit against the disgraced crypto CEO, asserting that the regulatory agency's accusation of securities fraud was unfounded because the stablecoin at issue is a currency, not a security. Kwon's attorneys said U.S. law prohibits regulators "from using federal securities law to assert jurisdiction over the digital assets in this case," according to Bloomberg.

Do Kwon, co-founder of Terraform Labs, has defended himself against allegations of fraud from the US Securities and Exchange Commission (SEC). Kwon's lawyers have requested the dismissal of the lawsuit, claiming that the SEC's allegations are unfounded and that US law prohibits regulators from asserting jurisdiction over the digital assets in question.

Terraform Labs co-founder, Do Kwon, is fighting allegations that he defrauded US investors by illegally offering unregistered securities. On April 21, Kwon's legal team asked the judge to dismiss the lawsuit filed against him by the US Securities and Exchange Commission (SEC), arguing that the SEC's accusations were baseless.

Attorneys defending the co-founder of Terraform Labs, Do Hyeong Kwon, also known as Do Kwon, have presented their argument that says the U.S. Securities and Exchange Commission (SEC) has no jurisdiction in the matter. The legal team asserts that U.S.

Terraform Labs co-founder, Do Kwon's lawyers have argued in court against the SEC's lawsuit for illegally offering unregistered securities. The lawyers claim the SEC's acquisitions are unfounded and that the stablecoin in question is a currency, not a security.

Terraform Labs co-founder Do Kwon's lawyers argued in a U.S. court that SEC's lawsuit against the firm should be dismissed.

Lawyers representing Do Kwon have requested a New York Judge to dismiss the securities fraud lawsuit filed by the SEC. The lawyers argued that there were no securities involved in the matter.

LUNA recently underwent a successful upgrade to v2.3.1, thanks to a strong show of support for proposal 4717. While the Terra community celebrated the milestone on Twitter, on-chain metrics tell a different story.

Do Kwon, the recently arrested CEO of Terraform Labs, denies that he defrauded investors, and says that SEC allegations are unfounded. Do Kwon is denying SEC allegations that he defrauded his investors by selling Terra, his blockchain platform.

Kwon's lawyers claimed that the SEC failed to prove the alleged defrauding of US investors in connection with Terra's $40 billion collapse of TerraUSD (UST) and Luna (LUNA).

Lawyers of Do Kwon say SEC's lawsuit accusing him and Terra of securities fraud is baseless, partly because the stablecoin is being mentioned as currencies.

Following a resounding vote in favor of proposal 4717 , Terra [LUNA] was officially upgraded to v2.3.1 as per an update on Twitter. The upgrade will include a variety of new features with the most prominent being the integration of Alliance module.