The former CEO of Terra, Do Kwon, is trying to delay the process of the United States Securities and Exchange Commission (SEC) through his lawyers, in order to testify in his defense. Currently, Do Kwon is detained in Montenegro, awaiting extradition.
Do Kwon vs. SEC: former Terra CEO’s lawyers want to delay the trial in the USA
Do Kwon, the former CEO of Terra, is under investigation by the United States Securities and Exchange (SEC) and is currently being held in Montenegro, awaiting extradition.
For this reason, Do Kwon’s lawyers are asking the US court to delay the trial, so as to allow the defendant to participate and testify in his defense.
“CRYPTO IN THE COURTS: Do Kwon wants to participate in the SEC Terraform Labs trial, so he asks to postpone it to mid-March for extradition”
In practice, the former CEO of Terra is detained in Montenegro, after being caught at Podgorica airport with forged documents.
The lawyer representing him, however, stated that the extradition procedures in the country are not proceeding as quickly as expected and they believe that their client will not be in the United States before February or March.
This would mean that Do Kwon would not be able to be present at the trial against him in the USA, scheduled to begin at the end of January.
Do Kwon vs. SEC: what will the Court decide on his request to delay the trial against him?
The request to delay the process, pending the extradition of Do Kwon, has been sent to the Court, and is now awaiting approval or denial.
If the Court were to refuse, Do Kwon’s attorneys further request that the jury be instructed.
In this way, the absence of Do Kwon at the trial and his inability to testify can be considered “not unduly prejudicial to him”.
Access to Terraform Labs documents
It was April 2023, when the news had spread that a US judge had rejected another request from Do Kwon in the case against the SEC.
This is his request to block access to SEC documents related to the company in Singapore.
The subject of the investigation by the SEC was to demonstrate that the UST stablecoin was an unregistered security, and not a digital currency.
To demonstrate this, the SEC wanted to focus in part on the company’s activities in Singapore, where it has established partnerships with several important financial institutions.
At the request for access to documents, Do Kwon had tried to legally block the regulatory body, but the judge rejected such request.