Attorneys for Terra (LUNA) founder and CEO Do Kwon have requested that the charges brought by the US Securities and Exchange Commission (SEC) be dropped.
Do Kwon’s lawyers appealed for the ongoing lawsuit in the United States to drop the charges brought by the SEC, arguing that TerraUSD (UST) is a currency, not a security. Terra’s Kwon, which caused billions of dollars of damage with its bankruptcy, was on the run for about a year and finally on March 23. Montenegrowas caught in
The SEC about Kwon shortly after his arrest securities fraud made the accusation. Kwon’s lawyers are considering this case against their client. outside the jurisdiction of the SEC He remains adamant that he is.
Underlining that the UST stablecoin is a currency, the lawyers stated that the SEC cannot regulate the digital assets involved in the case, while also stressing that Kwon’s company has not made any securities IPOs that would require SEC registration. In the document submitted to the New York court The following statements were made on the subject:
Congress did not authorize the SEC to regulate the digital assets at issue here.
Despite the lawyers’ requests, the SEC has not yet taken a step back. 12 May has the right to object to the requests for dismissal of the case until the deadline. There are still criminal fraud charges against Kwon and South KoreaThere are ongoing lawsuits in Turkey, including capital market law violations accusations. Both the United States and South Korea demanding refund.