| Terraform Labs Crypto Trial
Closes with Jury Told Luna is a
Stock and Do in Montenegro
by
Matthew Russell Lee, Patreon Substack
SDNY
COURTHOUSE,
April 5 – The SEC's trial
against Terraform Labs
began on March 25. Inner City
Press was there, thread. On
November 17, 2023 US District
Court for the Southern
District of New York Judge Jed
S. Rakoff held a hearing on
potential trial experts. Inner
City Press live tweeted that
too, thread.
From March
25, thread:
...Witness is on
stand, bought $188,000 of UST
on Gemini in Feb-March 2022
Terraform
lawyer's Q: You thought there
was no risk? Witness:
Terraform Labs said that,
relatively
Q: Which is
riskier, UST or IBM stock?
Witness: Clearly, UST. [Light
laughter in the courtroom]
Terra's lawyer:
Did you understand TerraUST
could fall into a death
spiral? Witness: Only if their
representations were not true.
Terra's lawyer:
Nothing further.
Judge Rakoff:
Re-direct. SEC's lawyer: Why
are you here? Witness: If
people do wrong they should be
punished. Do Kwon said it was
a stable coin.
Jury
leaves.
Judge
Rakoff: I would never have
adjourned the trial until now
if I hadn't thought Mr. Kwon
was doing everything to be
extradited here.
More on Substack
here
Ten days later on
April 5, Judge Rakoff gave
legal instructions to the jury
for deliberation, including
that "I instruct you
as a matter of law that the
tokens known as UST, LUNA, and
wLUNA are securities." Full 24
page legal instructions to
jury on Patreon here.
The case is
Securities and Exchange
Commission v. Terraform Labs
Pte Ltd. et al., 23-cv-1346
(Rakoff)
***
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