US Court Denies Motions for Reconsideration in SEC Lawsuit Against Terraform Labs and Co-Founder Do Kwon

A federal judge has denied multiple motions for reconsideration in the U.S. Securities and Exchange Commission's (SEC) lawsuit against Terraform Labs and co-founder Do Kwon. The judge has sided with the SEC after a recent order stating that Terra and Do Kwon violated the Securities Act. Terra and Do Kwon requested the court to reconsider the earlier order, but the judge found the reasons stated by the SEC in its responses to defendants’ motions for reconsideration valid. The SEC filed notice of supplemental authority in Binance and Coinbase lawsuits after its partial victory in the Terra lawsuit, claiming that the Terra ruling is relevant in other security violation cases.