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US judge rules there's 'no genuine dispute' UST and other Terra Labs crypto assets are securities.
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Terraform Labs founder Do Kwon is still in Montenegro waiting to be extradited, but the SEC's case against him will proceed, with a January 29th scheduled start date. The TerraUSD (UST) stablecoin, its linked Luna crypto token, and the whole Anchor Protocol crashed in May 2022, wiping out about $40 billion. According to the judge, while UST on its own is not a security, when combined with the Anchor Protocol, it is, while Luna joined investors in a “common, profit-seeking enterprise.”
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