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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
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