Attorneys representing Do Kwon, co-founder of Terraform Labs, have denied allegations by the US Securities and Exchange Commission that Kwon defrauded US investors. by selling unregistered securities illegally
On April 21, Kwon’s lawyer have askedA judge dismissed the SEC’s lawsuit, arguing that the regulator’s lawsuit was unfounded, according to Bloomberg. ban regulators “Use federal securities laws to assert its dominance over digital assets in this case.”
Further, the lawyers claim that the SEC cannot prove whether Kwon defrauded US investors involved in the collapse of TerraUSD (UST) and LUNA, and that UST stablecoin is a currency, not a security.
Legal proceedings began after Do Kwon was arrested at Podgorica Airport. In Montenegro on March 23, while trying to fly to Dubai using forged documents. which after the arrest Both South Korean and American authorities have also requested extradition.
The post Do Kwon’s attorney denies the SEC’s allegations of securities fraud appeared first on Bitcoin Addict.