Terraform Labs has requested the court to dismiss the U.S. SEC's allegations of its involvement in a multi-billion dollar securities fraud.

BlockBeats news on October 31st, according to CoinDesk, Terraform Labs and its co-founder Do Kwon have filed a motion with the court requesting the dismissal of the US Securities and Exchange Commission's (SEC) allegations of involvement in a multi-billion dollar securities fraud. Terraform Labs stated that the SEC has not proven that it is offering securities, nor have they provided any reasons for providing unregistered securities. "After two years of investigation, at the end of the evidentiary period, the SEC listened to more than 20 testimonies and exchanged more than 2 million pages of documents and data, but it is clear that they still cannot prove that the defendant has engaged in any improper conduct."