The lawyers of Terraform and Do Kwon have fallen back upon a US House hearing and a Binance.US complaint and Hinman emails documents to dismiss a lawsuit by the US Securities and Exchange Commission (SEC).
The attorneys for Terraform and Do Kwon have provided new documents in support of their move to dismiss the complaint, but the lawyers for the SEC have argued that these documents are insufficient to support the motion.
Dentons is the legal counsel for Terraform and Do Kwon.
The SEC’s legal representative have claimed that the defence’s presentation of the Binance.US transcript and internal SEC correspondence have no bearing on the current legal dispute.
They said that the Howey Test unambiguously establishes what constitutes an “investment contract”, and therefore, the UST should be categorised as a security.
Earlier, on June 15, 2023, Dentons provided supporting documentation to support their motion to dismiss the complaint brought by SEC. The main goal of the hearing was to decide whether the Terraform Labs digital assets should be categorised as securities under the definition of an “investment contract”.
Mark Cuban Spars With SEC Officials On Twitter Over Crypto Regulation
Billionaire investor Mark Cuban has got into a heated debate with former US SEC official John Reed Stark on Twitter over crypto regulation.
Earlier this week, a heated argument erupted on Twitter between Cuban and SEC official Gary Gensler with Gensler being accused of demonising cryptocurrency. A former SEC employee was quick to defend Gensler.
On June 14, John Reed Stark, a former SEC officer, and Cuban engaged in a heated Twitter conversation. Cuban objected to Stark’s apparent defence of the SEC’s recent legal action against cryptocurrency exchange Binance.
Cuban charged Stark with misreading the case’s implications and credited SEC Chair Gary Gensler’s “regulation via litigation” strategy for killing off cryptocurrency businesses.
Sweat Economy To Repurpose 2 Billion Idle Tokens
The move-to-earn platform, Sweat Economy is set to repurpose over two billion native Sweatcoin token that were locked up in inactive user wallets. The tokens, valued at around $10 million, were locked up in dormant user accounts following a token airdrop event in September 2022.
According to Sweat Economy, Sweatcoin (SWEAT) users who had opted into the Web 3.0 move-to-earn’s crypto offering received SWEAT tokens that were locked for 24 months in a contract. Users that failed to instal the Sweat Wallet over the past year and claim locked tokens essentially left a sizable portion of the ecosystem’s token supply frozen in inactive accounts, reports Cointelegraph.
The lock-up contract responsible for the token production event is under the control of the foundation of Sweat Economy, which enables the platform to use tokens that would otherwise have been “abandoned” and unrecoverable.