LUNC News: Luna Classic (LUNC), the native token of the Terra blockchain has been reportedly declared a non security crypto in the latest court judgment. This comes as a shock for the prosecutors who moved forward with charging Terraform Labs’ co-founder for violating the Capital Market Act.
Also Read: Ex SEC Chief Warns Of More Crypto Lawsuits Ahead; Which Exchange Can Be Next?
As per reports, a South Korean District Court rejected the prosecution’s claims around the crypto LUNA. However, the court also dismissed the state’s appeal of confiscating Hyun-Seong Shin, Terraform Labs former co-CEO. In the judgment, the court mentioned that it is difficult to see Luna (now LUNC) as a financial investment product that can be regulated by the Capital Markets Act.
(THIS IS A DEVELOPING STORY)
The post Just-In: LUNA Is Not A Security, Declares S.Korean Court; Will US SEC Follow? appeared first on CoinGape.
Source: https://coingape.com/lunc-news-luna-is-not-a-security-declares-s-korean-court/