SEC Approves Do Kwon and Terraform Labs Trial Delay Request
The Securities and Exchange Commission has filed a new motion in the ongoing legal battle with Do Kwon and Terraform Labs.The commission has granted the defendant’s request for a postponed trial.Do Kwon is presently held in a Montenegro prison.
The Securities and Exchange Commission (SEC) has recently intensified its long-standing legal battle against Do Kwon and Terraform Labs in pursuit of justice for the alleged manipulation that triggered the collapse of TerraUSD and a staggering $60 billion loss for the industry.
Despite the SEC securing a ruling favoring its claims of Terra’s securities law violations and a trial schedule, the disgraced crypto mogul seeks to delay his fate further, filing for the postponement of the imminent trial.
In a surprising turn of events, the SEC has expressed support for the proposed rescheduling.
SEC Open to Delay Do Kwon’s Trial
In a filing to U.S. District Judge Jed Rakoff on Monday, January 15, the Securities and Exchange Commission consented to TerraLabs and Do Kwon’s request to adjourn its scheduled January 29 trial.
The commission asserted that while it is “fully prepared, willing, and able to proceed” with a trial against Kwon as scheduled, it acknowledges the necessity of Kwon’s physical presence, requesting that the trial commences on April 15, 2024.
While the SEC favored one part of the defendant’s requests for trial adjournment, it opposed the requested separate trials for Terraform and Kwon. The commission argued that the cases are the same, highlighting the potential burden and inconvenience separation would impose on witnesses and whistleblowers.
The final decision on the trial date rests with U.S. District Judge Jed Rakoff, which will determine when the controversial Terra founder faces the long-standing charges.
