San Francisco-based crypto-focused investment firm Paradigm has filed an amicus brief in the US Securities and Exchange Commission (SEC) lawsuit against Terraform Labs and its co-founder Do Kwon. The venture capital firm was never invested in the Terra ecosystem and will support neither the SEC nor Terra and Do Kwon in the lawsuit.
Paradigm To Push Back Against the US SEC
The VC firm Paradigm filed an amicus brief in the US SEC v. Terraform Labs and Do Kwon to push back against the SEC’s attempts to expand its jurisdiction over the crypto market. Paradigm claims the SEC has misused its power to provide regulatory guidance and forced enforcement action against crypto firms for violating securities laws.
Paradigm’s legal head Rodrigo Seira argues the SEC’s theory for treating stablecoins as securities would radically expand the definition of security. The SEC under Gary Gensler filed lawsuits and took enforcement actions against failed crypto entities such as Terra and Do Kwon and
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