According to recent court documents, the attorneys for Do Kwon, the founder of the defunct cryptocurrency issuer Terraform Labs, have asked a United States court to dismiss charges levied against him by the Securities and Exchange Commission (SEC), in part because the regulatory body lacks the right jurisdiction.
Do Kwon’s Legal Tussle
U.S. law enforcement accused Kwon of defrauding cryptocurrency investors in a 12-page indictment that was made public later last month. According to the lawsuit Kwon deceived “individuals about aspects of the Terra blockchain, including its technology and the extent to which it had been adopted by users.”
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However, in response, Kwon’s attorneys argued that the SEC was unable to prove that it had personal jurisdiction over Kwon because the products referenced by the regulator were “available to the world and not directed at persons in the United States.” The allegations that ha
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