Supreme Court: Terra-Luna lacks securities characteristics; Capital Markets Act application becomes difficult
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- The Supreme Court ruled that 'Terra-Luna' is not considered a financial investment product.
- As a result, 'Terra-Luna' may be excluded from the application of the Capital Markets Act.
- The court stated that based on the prosecution's submitted evidence alone, it is difficult to consider cryptocurrency as a financial investment product.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
A Supreme Court ruling has determined that Terra (UST) and Luna (LUNC), which caused significant losses to numerous cryptocurrency investors in the 'Terra-Luna' incident, do not qualify as financial investment products.
According to legal circles on the 19th, the Supreme Court's 3rd Division (Presiding Justice Oh Seok-jun) rejected the prosecution's re-appeal against the dismissal of the forfeiture and auxiliary maintenance request for former Terraform Labs co-CEO Shin Hyun-sung on the 23rd of last month.
The Supreme Court stated that "examining the relevant legal principles and records, the lower court's judgment is justified, and there are no violations of the Constitution, laws, orders, or regulations that affected the trial."
Notably, according to the dismissal decision issued that day, the court reportedly determined that "based solely on the evidence submitted by the prosecution, it is difficult to consider the cryptocurrency Luna as a 'financial investment product' regulated under the Capital Markets and Financial Investment Business Act."
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