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Terra, CEO Do Kwon Ordered to Comply With SEC Subpoena Related to Mirror Protocol Investigation

Terra and Kwon had sought a dismissal, arguing the U.S. Securities and Exchange Commission doesn't have jurisdiction over Kwon or his company.

By Greg Ahlstrand
AccessTimeIconFeb 18, 2022 at 2:09 a.m. UTC
Updated May 11, 2023 at 5:55 p.m. UTC
Terra co-founders Daniel Shin (left) and Do Kwon (Terraform Labs)
Terra co-founders Daniel Shin (left) and Do Kwon (Terraform Labs)
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A U.S. District Court judge in New York ordered Terraform Labs and its CEO Do Kwon to comply with subpoenas the U.S. Securities and Exchange Commission (SEC) issued in its investigation of Terra’s Mirror Protocol, according to a filing dated Feb. 17.

  • Terraform filed a motion in December opposing a Securities and Exchange Commission effort to compel Kwon and Terraform Labs to cooperate with subpoenas issued in the SEC’s ongoing investigation of Terra’s Mirror Protocol. Terraform and Kwon sued the agency on claims that it violated its own rules and the Due Process clause of the U.S. Constitution in serving Kwon in September.
  • The Mirror Protocol is a decentralized finance (DeFi) platform that allows users to create and trade “mirrored assets,” or mAssets, that “mirror” the price of stocks – including major stocks traded on U.S. exchanges.
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    • Read more: Terra’s Do Kwon Was Served by SEC, New Lawsuit Shows

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Greg Ahlstrand
    Greg Ahlstrand

    Greg Ahlstrand was previously CoinDesk's Asia News Editor. Greg has no significant crypto holdings.

    Follow @GregAhl on Twitter

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