Lawyer Do Kwon: SEC Accusations Of Do Kwon And Terra Fraud Are Baseless
Lawyers for the former head of crypto firm Terraform Labs Do Kwon say the US regulator’s lawsuit accusing him and Terra of securities fraud is baseless, partly because the stablecoin is being mentioned as currencies, not securities. US law prohibits regulators from using federal securities laws to assert jurisdiction over digital assets in this case, Kwon’s attorney said Friday in a judge request to dismiss the case.
In February, the US Securities and Exchange Commission filed a lawsuit against Kwon and Terraform Labs, the business he co-founded, alleging fraud in connection with the death of the TerraUSD stablecoin. According to the agency, the corporation engaged in the illegal offering of unregistered securities and carried out a strategy to destroy at least $40 billion in market value. The case, according to Kwon’s counsel, is an unethical attempt by the SEC to regulate cryptocurrencies using outdated rules, despite the fact that Congress, the executive branch, and the agency disagree on what constitutes securities.
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