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US judge rules there’s ‘no genuine dispute’ UST and other Terra Labs crypto assets are securities.

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.”