338
125 shares, 338 points

SEC issues subpoenas to Do Kwon, director of popular altcoin project Terra; Now the subject is litigation. The court filings confirmed that Terraform Labs CEO and founder Do Kwon received two subpoenas at Messari’s Mainnet conference last month. Detail Cryptocoin. com

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Popular altcoin project Terra sued with SEC

Now, it has been confirmed that Terra’s Do Kwon faced a subpoena at Messari’s Mainnet conference. The SEC was primarily concerned with Terraform Labs’ Mirror Protocol, a DeFi platform for printing synthetic assets on Terra. Kwon and Terraform Labs are now suing the SEC over subpoenas. Terraform Labs CEO and founder Do Kwon is suing the Securities and Exchange Commission. Court filings show that Kwon and Terraform Labs battled the US regulator after two subpoenas were served on Kwon last month. The lawsuit challenges “two subpoenas improperly issued and served by the SEC, and the SEC’s failure to keep an investigation into its “Mirror Protocol” confidential.

The lawsuit refers to an event at Messari’s Mainnet conference that took place in New York in September. Messari founder Ryan Selkis later posted a similar tweet confirming the story.

https://twitter. com/twobitidiot/status/1440046283041820672

Although Kwon is said to be the buyer, he later denied being approached at the event in an interview with The Defiant. Kwon and Terraform Labs are best known for creating Terra, a stablecoin-focused blockchain powered by the LUNA token. LUNA has a market cap of $17.1 billion, making Terra the eleventh largest cryptocurrency project. While stablecoins have been the focus of many regulators in recent months, the SEC seems to be more interested in Terraform Labs’ Mirror Protocol, a DeFi project that allows users to mint synthetic versions of stockdollars like Tesla and Apple. The SEC claims that since US users can print Mirror’s synthetics, it could technically be classified as a security. Terraform Labs has yet to register any assets with the SEC.

SEC violated privacy?

Kwon was served the subpoena on Mainnet. Kwon’s lawsuit disputes the SEC’s request to testify with US regulators, arguing that he resides in South Korea. He’s also concerned with the way the subpoena is served: SEC rules state that investigations must be confidential, but the agency hired a group called the Cavalier Courier & Process Service to present him with subpoenas at the event. A note in the lawsuit reads: “Approaching Mr. Kwon in public and proclaiming the purpose of his approach at a summit attended by more than 2,000 people was, at worst, a deliberately arrogant spectacle to intimidate and embarrass the public. ”


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