US court to decide on Terraform Labs’ SEC lawsuit dismissal in a month.

The topic of whether TerraUSD (UST) qualifies as an “investment contract” was the main focus of a hearing on Thursday night regarding Terraform Labs’ motion to dismiss a lawsuit filed by the U.S. Securities and Exchange Commission. The defense argued that UST was not designed as an investment but for practical uses, and therefore should not be considered a security. The SEC, however, argued that the economic realities and expectations of investors surrounding UST led to securities violations. Terraform Labs was previously sued by the SEC, alleging that the company and founder Do Kwon misled investors in the TerraUSD project. Senior Judge Jed Rakoff is expected to publish a ruling on the motion to dismiss by July 14.

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