Judge Rakoff Signs Crucial Order In US SEC Lawsuit Against Terra And Do Kwon
In the latest development in the U.S. Securities and Exchange Commission (SEC) lawsuit against Terraform Labs and Terra co-founder Do Kwon, the court has issued a protective order governing the pre-trial phase of the case.
While Do Kwon faces extradition proceedings in Montenegro, Terra attorneys request for dismissal of the lawsuit claiming overreach by the SEC and failure to prove that the company offering unregistered securities.
SEC And Terra Agree to Confidentiality In Document Discovery
Judge Jed Rakoff has signed a protective order to ensure confidentiality in the U.S. SEC lawsuit against Terra and Do Kwon, according to the latest filing with the Southern District of New York.
Any person including parties, their representatives, agents, experts and consultants, all third parties providing discovery, and all persons with actual or constructive notice must adhere to the order. People or entities found disclosing any details or revealing confidential documents will be in contempt of the court.
This applies to confidential discovery materials such as non-disclosed financial information, company ownership, business plans and products, whistleblowers, and software. All confidential discovery materials, pleadings and motions, etc. are to be filed under seal.
The court ordered that the protective order shall survive the termination of the litigation. All discovery materials designated as confidential must be returned or destroyed after 30 days of the final deposition. However, the SEC can retail some documents for record-keeping obligations.
Also Read: Major Terra Luna Classic (LUNC) Proposal In Governance Voting Stage, Prices Jump
Earlier, the court agreed to accept discovery documents as sealed from Jump Crypto. However, the court warned about discretion to make public any confidential information submitted later in the motion practice or trial.
Meanwhile, Do Kwon’s extradition to the U.S. or South Korea has been delayed after a Montenegro appeals court overturned a high court’s decision to extradite Do Kwon. Terra ecosystem tokens jumped after the news.
Also Read: US SEC Loses Again In Court After Setbacks In XRP, Grayscale Lawsuits
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
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.
