A US judge will consider in the latest hearing whether the cryptocurrency of Terraform Labs is a security.

According to BlockBeats news on June 16, CoinDesk reported that a US court will make a decision on Terraform Labs' motion to dismiss the SEC lawsuit within a month. Judge Rakoff stated that he will announce the decision on the motion to dismiss on or before July 14. As previously reported by BlockBeats, in February of this year, the US SEC filed a lawsuit in the US Southern District Court of New York, accusing Terraform Labs PTE Ltd, based in Singapore, and Do Hyeong Kwon of planning a multi-billion dollar crypto asset securities fraud involving algorithmic stablecoins and other crypto asset securities, in violation of registration and anti-fraud provisions of the Securities Act and Exchange Act. In April, Terraform filed a motion to dismiss the charges, claiming that the SEC had no jurisdiction over the company or Kwon and raising disputes related to the Administrative Procedure Act and the primary jurisdiction doctrine.