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.
Feb 18, 2022 at 2:09 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/HOIXHJ24HBETZFIF7PDPVRPROQ.jpg)
Terra co-founders Daniel Shin (left) and Do Kwon (Terraform Labs)
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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