"Hey, Do Kwon is busy. Hurry up, he's looking for an opportunity to escape."
Following a lawsuit filed by the Securities and Exchange Commission (SEC), Terraform Labs and its former Chief Executive Officer (CEO) Do Kwon, Judge Analisa Torres ruled that Ripple (XRP) is not a security.
Earlier, Terra including Kwon filed documents in support of its motion asserting that the SEC has no jurisdiction and that LUNC and USTC are not securities under the investment contract rules at all.
As a result, Judge Jed Rakoff allowed the defendants and plaintiffs to file additional notices of authority to dismiss the lawsuit.
Also, lawyers from the leading law firm Dentons representing Terra and Kwon said the important decision announced by Judge Torres regarding the case between XRP and the SEC could affect the defendant's motion to dismiss the lawsuit.
This is because the SEC argued USTC, LUNA, wLUNA and MIR are securities but the XRP case shows that the SEC still does not have enough evidence to claim that cryptocurrencies except Bitcoin (BTC) are securities.
To further strengthen his statement, the lawyer from the firm Dentons also revealed that the SEC not only did not claim that USTC was sold in the secondary market but also said that Terra sold LUNA and MIR in the secondary market which was not actually an investment contract.
Not only that, justice for the Terra case can be upheld again when the South Korean court also decided that LUNA is not a security.
However, it should be noted that the sale of LUNA and MIR is not like XRP since the two digital assets are smaller and the goal of the ecosystem is only about participation by participants rather than bringing value to an ecosystem.
During the last week, the price of LUNA jumped 10% and is now trading at $0.65 while LUNC and USTC gained 4% and 37% respectively to reach $0.000089 and $0.0016.
