Do Kwon Fights Back Against SEC and Faces Additional Charges in Montenegro.
The legal team of Do Hyeong Kwon, co-founder of Terraform Labs, has filed a motion to dismiss the lawsuit filed by the US Securities and Exchange Commission (SEC), claiming that the SEC lacks jurisdiction over digital assets in the case. Kwon faces charges of leading a multibillion-dollar crypto-asset securities fraud, and the SEC alleges that the stablecoin terrausd (UST) and Terra’s token LUNA were unregistered securities. Kwon's lawyers argue that the SEC's attempt to categorize all cryptocurrencies as securities falls short due to the ambiguity surrounding the agency's definition of digital assets.