NewsletterTerra Vs SEC: Court Sets Pretrial Deadline As Do Kwon Set for US Extradition
Highlights
- Court sets pretrial deadlines and other procedures for March 25
- Plaintiff SEC and defendants Terraform and Do Kwon agreed to a trial adjournment on March 25.
- Do Kwon could attend court proceeding on or before pretrial deadine
Terra Vs SEC: In the latest development in the U.S. Securities and Exchange Commission (SEC) lawsuit against beleaguered Terraform Labs and co-founder Do Kwon, the court has set pretrial deadlines and other procedures. The move comes amid news of Do Kwon’s extradition from Montenegro to the United States.
Court Orders Pretrial Deadline
According to the latest filing in the court, Judge Jed S. Rakoff has signed an order approving the amended stimulation and proposed order setting forth pretrial deadline.
After a lot of rendezvous, the parties have agreed to a trial adjournment on March 25. The SEC and Terra lawyers will finish oppositions to motions, depositions, and counter-designations by March 11, giving both parties enough preparation time for pretrial.
The court ordered the SEC and Terra to file a proposed consent order before March 18. “In accordance with Individual Rule 7, the parties shall submit proposed jury charges to the court on or before March 18, 2024,” stated the judge. The parties are required to finish all requirements before 48 hours of the pretrial deadline.
The order came amid a Montenegro court’s approval to extradite embattled Terra co-founder Do Kwon to the United States. The extradition to South Korea has been overturned.
Also Read: Ethereum’s Vitalik Buterin Highlights Permanent Money Loss Risk in L2
Do Kwon in United States
While it’s unclear when Kwon will be in the United States, he will most likely attend court proceedings on the trial date. Do Kwon was attested in Montenegro in March 2023 and sentenced to four months in prison, with extradition proceedings continuing while in custody.
Former Terra CFO Han Chang-joon was extradited to South Korea, but Do Kwon won an appeal in the Court of Appeals of Montenegro to be extradited to South Korea due to various ambiguities with the ruling.
The US District Court of the Southern District of New York had ruled in favor of the SEC, stating that LUNA and MIR tokens are securities.
Also Read: Binance & Other Crypto Firms Faces Ban In Nigeria, Here’s Why
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
- Franklin Crypto Index ETF Adds XRP, Solana, and Dogecoin to Boost Investor Exposure
- Bitcoin Rises as Trump Points to “Extremely Strong” U.S.–China Relations
- Operation Chokepoint: Senator Lummis Calls Out JPMorgan Over Debanking Bitcoin Advocate Jack Mallers
- CME To Launch Spot-Quoted XRP & Solana Futures Amid Rising Institutional Inflows
- Bitwise Dogecoin ETF Launches Nov. 26 as DOGE and XRP Funds Go Live Today
- 3 Signals Hint Shiba Inu Price Can Rebound Soon
- Top 3 Price Prediction: ETH, XRP, and DOGE Show Signs of Bullish Reversal
- Pi Coin Price Pattern Points to a Rally as Top Whale Hits 381M Milestone
- XRP Price Forecast as NYSE Clears Franklin Templeton ETF for Listing
- Cardano Price Outlook as NIGHT Token Set to Launch on December 8
- Hedera Price Set for Explosive 30% Rally as Bulls Trigger Breakout
