Is 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
- Crypto Czar David Sacks to Meet Senate Republicans In Bid To Advance Market Structure Bill
- Waller Floats ‘Payment Account’ Framework to Provide Crypto Firms Access To Fed’s Payment Rails
- Aster Outpaces Lighter in Perp DEX Rankings as Wintermute Buys the Dip After Previous Dump
- Is This Final Bitcoin Price Correction Before US Shutdown Ends, Fed Rate Cuts?
- Blockchain for Good Alliance and UNDP AltFinLab Launch Blockchain Impact Forum
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
- Bitcoin Price Prediction as Gaussian Channel Turns Green Amid U.S.–China Trade Progress and Fed Rate Cut Hopes
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.
