Judge Jed Rakoff will listen to arguments by the SEC, Terraform Labs and Do Kwon on May 22 regarding disgorgement, interest and civil penalties in the civil case.
Lawyers for the firm claimed that any alleged losses caused by the platform’s or Do Kwon’s actions happened outside the United States, beyond the SEC’s authority in the civil case.
With a hearing scheduled for May 22 to listen to proposed remedies in the United States Securities and Exchange Commission’s case against Terraform Labs and co-founderIn a supplement to Terraform’s opposition to the SEC’s motion for final judgment filed on May 1, lawyers representing the crypto firm argued the financial regulator was notthat any disgorgement would effectively have to be obtained from the Luna Foundation Guard , a “non-party” in the civil case.
According to lawyers for Terraform, the SEC had “no evidence” that the platform’s or Kwon’s activities in the U.S. caused the losses at the center of the civil case. If the commission were to claim disgorgement and civil penalties, according to Terraform, it would give the regulatory a “territorially unlimited injunction.”“TFL’s offers and sales of tokens occurred almost entirely outside the U.S. and the SEC has submitted no evidence that Defendants’ limited activities in the U.S.
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