PANews reported on October 31 that the U.S. Securities and Exchange Commission (SEC) indictment of Terraform for securities fraud has entered the expected pre-trial stage, according to CoinDesk. Terraform Labs filed summary judgment with Judge Jed Rakoff of the Southern District Court for the Southern District of New York, asking the judge to dismiss the SEC's allegations that Do Kwon and his company were involved in multibillion-dollar securities fraud. In its motion for summary judgment, Terraform argued: "After two years of investigation and after the deposition period ended, the SEC heard more than 20 testimonies and exchanged more than 2 million pages of documents and data. But it is clear that the SEC has not been able to prove any wrongdoing by the defendants." Terraform asked the judge to rule that the SEC did not have sufficient evidence to justify the trial and asked the court to dismiss the arguments of the expert hired by the SEC. Terraform had previously tried to dismiss the case outright, but the court dismissed it. Rakoff noted that the SEC made a "reasonable argument" that Terraform provided an investment contract, meaning that the case should fall within the agency's securities enforcement jurisdiction.