Terraform Labs asks jury to decide whether UST and LUNA are securities

According to The Block, on December 7th, Terraform Labs requested a New York judge to let the jury decide whether UST and LUNA tokens are securities. In a letter written to Judge Jed Rakoff on Monday, Terraform Labs lawyer David Kornblau stated that the jury should determine "whether the SEC has fulfilled its responsibility to prove that UST, LUNA, wLUNA, and MIR tokens are securities." Previously, the U.S. Securities and Exchange Commission (SEC) argued in a document that juries almost never decide whether an asset belongs to an investment contract, and that this matter should be decided by a judge. In February of this year, the SEC sued Terraform Labs and its co-founder Do Kwon, accusing them of raising billions of dollars through the issuance and sale of unregistered securities.