The SEC claims that the mAsset transactions were security-based swaps. If this is the case, that means that Terraform violated the Securities Act,
SEC v. Terraform Court Filing, retrieved on February 16, 2023, is part of . You can jump to any part in this filing . This is part 25 of 38. HackerNoon’s Legal PDF Series here E. mAsset Transactions were Security-Based Swaps 97. Terraform's Mirror Protocol permitted the creation of assets called "mAssets"— that "mirrored" the price of securities.
The investor could terminate the transaction by paying the mAAPL back to the smart contract in the Mirror Protocol, at which point the investor was entitled to receive a payment back of all of the investor's collateral. 101. Each transaction offering or selling an mAsset thus constituted a security-based swap. First, each transaction provided on an executory basis for an exchange of a payment, based on the value of a security.
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