Attorneys defending the co-founder of Terraform Labs, Do Hyeong Kwon, also known as Do Kwon, have presented their argument that says the U.S. Securities and Exchange Commission (SEC) has no jurisdiction in the matter. The legal team asserts that U.S. law precludes regulators “from using federal securities law to assert jurisdiction over the digital assets in this case.”
Terraform Labs Co-Founder’s Legal Team Claims SEC Lacks Jurisdiction Over Digital Assets in Terra Case
As per Bloomberg, Kwon’s lawyers have filed a motion to dismiss the lawsuit, citing that the SEC’s case relies on outdated regulations and that the agency’s definition of digital assets as securities is far from clear. In fact, Patrick McHenry (R-NC), the House Financial Services Committee chairman, recently expressed that there is “a great deal of uncertainty” regarding the SEC’s enforcement actions. Kwon’s lawyers capitalize on this ambiguity to assert that the SEC’s attempt to categorize all cr
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