Lawyers representing Terraform Labs founder Do Kwon have argued that the actions of the United States Securities and Exchange Commission (SEC) violate the law.
Reports are emerging that lawyers representing Do Kwon are arguing that the United States Securities and Exchange Commission (SEC) is acting outside its jurisdiction.
Court filings with the United States Supreme Court refer to the fact that Terraform Labs is a Singaporean company and Kwon is a resident of Singapore.
Legal Battle Heats Up
The attorneys argue that Terraform Labs’ operations are largely global and not specific to the United States. It also argues that the SEC’s actions conflict with the decisions of other courts.
The court filing reads,
“Kwon is the CEO of Terraform, an open-source software development company with limited contact with the U.S. Most of the company’s business is essentially global, and it’s not specifically aimed at the United States.”
The lawyers have also requested an extension of the appeal filing. However, it is unclear whether the Supreme Court will grant this request.
The case is heating up, and Kwon’s arrested has precipitated renewed attention on the Terra incident. After managing to lay low for a surprisingly long amount of time, Kwon was arrested in Montenegro, leading to progress in legal cases.
Do Kwon Registered a Company in Serbia
Kwon had also spent some time in Serbia, where he reportedly registered a company for $1. At the time, Interpol had issued a red notice seeking his arrest.
Kwon had supposedly undergone the standard security checks in the processing of registering the company. One of those checks would have been searching Interpol.
Terraform Labs Executives Face Legal Scrutiny
There have been several updates regarding other executives of Terraform Labs as well. Co-founder Daniel Shin recently appeared in court for interrogation. He was asked such questions as whether he had ever contacted colleagues abroad.
The entire company is under investigation by authorities. The Singapore Police recently launched a probe into the company as a whole. As such, there are authorities in several countries that are investigating Do Kwon and others.
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