Terra’s LUNA Price Explodes Amid Legal Feud With SEC

Terraform Lab’s token LUNA hit a new all-time high earlier today, with analysts optimistic about a continuation of the uptrend.

Terra hits a new record at $84.47

The crypto startup has questioned the regulator’s jurisdiction and declined to comply with the investigation. Terra’s uptrend started in November 2021, and the token has gained 80% in the past month.

Terraform Labs token LUNA hit a new record earlier today. The token has made nearly 80% gains in the past month, sparking a rally of DeFi protocols.

Legal dispute with Securities & Exchange Commission

Terraform CEO Don Kwon claims the ongoing legal battle between the Securities & Exchange Commission (SEC) and the crypto startup is beyond the regulator’s jurisdiction.

The SEC mishandled Terraform Labs CEO subpoenas and has further sought to force the company to comply with the investigation. The company claims that the regulator has no legal rights over it.

A new development in the case is Terraform’s response to the case filed against the SEC. The DeFi protocol has challenged the jurisdiction.

Analysts are optimistic about the continuation of the token’s uptrend. Terra’s LUNA has overtaken the Binance Smart Chain and is now the second largest DeFi blockchain protocol in terms of total value locked. The total value locked is comparable to the market cap of a token, making the LUNA one of the largest DeFi tokens.

@AltcoinSherpa, a pseudonymous cryptocurrency analyst, is bullish on Terra price.