A recent court filing stemming from the Southern District of New York shows that a U.S. district judge has ordered the crypto startup Terraform Labs to comply with the Securities and Exchange Commission’s (SEC) subpoenas. During the second week of November 2021, the U.S. regulator filed a subpoena enforcement action against Terraform Labs and the startup’s CEO, Do Kwon.
U.S. Regulator Gets New York Judge to Side With Investigative Subpoenas Plea
On February 17, 2022, a court order signed by the United States district judge J. Paul Oetken details that the startup Terraform Labs must comply with the SEC’s investigative subpoenas. In mid-November last year, the SEC filed subpoenas that attempted to compel Terraform Labs and its CEO Do Kwon to comply with the “fact-finding investigation.”
The investigation is due to Terraform Lab’s Mirror Protocol, an application that was launched in 2020, allowing users to trade mirrored assets tied to the price of U.S. securities. The SEC wan
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