Claim $500Is Terra Co-Founder Do Kwon Coming To US? SEC Files Motion In Court
In the latest development in the U.S. Securities and Exchange Commission (SEC) lawsuit against Terraform Labs and co-founder Do Kwon, the SEC seeks deposition from Kwon. Meanwhile, Do Kwon remains in prison in Montenegro until the end of the year for passport fraud allegations, with extradition proceedings yet to begin.
US SEC Files Motion in Terra Lawsuit
The U.S. Securities and Exchange Commission (SEC) urges the court to grant the leave to notice defendant Do Kwon’s deposition, according to a court filing on September 22. Furthermore, the SEC suggests an alternative if Do Kwon’s deposition is difficult. It urges the court to preclude the use of any declaration from Do Kwon in the summary judgment.
Defendants Terraform Labs and Do Kwon are scheduled to submit the response on September 26. The SEC has submitted more details in the memorandum in support of this motion.
The SEC’s earlier motion for issuance of letters of request for international judicial assistance related to Chai Corporation and Terraform Labs co-founder Daniel Shin was approved by the Judge. Defendant’s request to subpoena the third party for documents was denied by the judge.
Judge Jed Rakoff refused to agree with Judge Torres’ ruling in the Ripple vs SEC lawsuit. However, the latest developments in court proceedings are going against the SEC as federal judges calls the SEC’s approach hypocrisy, arbitrary, and capricious.
Also Read: Coinbase Gets Registration From Bank Of Spain Amid FTX Europe Acquisition Talks
Will Do Kwon Come to the US?
Montenegro judge sentenced Do Kwon to four months of imprisonment in the passport forgery case. Moreover, he is set to be extradited to South Korea rather than the U.S. as per the said conditions.
However, the SECs’ request to the court to completely preclude Do Kwon’s declaration in the summary judgment raised questions in the crypto community. The defendants’ response will reveal most details if Kwon’s declaration is crucial or not.
Also Read: BinanceUS Files Motion In US SEC Lawsuit
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- PENGU Rises Despite Crypto Market Downtrend as Pudgy Penguins Appear on Las Vegas Sphere
- Binance Lists First Nation–Backed Stablecoin; CZ Reacts
- U.S. Initial Jobless Claims Fall To 214,000; BTC Price Drops
- BlackRock Deposits Millions in Bitcoin and Ethereum as CryptoQuant Flags Growing Bear Market Risk
- NiceHash Review: Trade HashRate and effectively manage your POW mining facility
- XRP, Bitcoin, Ethereum Price Predictions Ahead of Jan 2026 CLARITY Act and US Crypto Reserve Plans
- Pi Network Analysis: Pi Coin Price Surges on Christmas Eve, Can It Hit Year-End Highs?
- Why Dec 26th Is A Do Or Die for Bitcoin Price Ahead Of Record Options Expiry?
- Why Bitcoin, Ethereum And XRP Prices Are Down Today? (24 Dec)
- XRP Price Prediction: Will 4 Billion Transactions Spark Next Rally?
- Solana Price Outlook: Will SOL Recover With Strong Institutional Buying?
