Terraform’s Do Kwon was served with a subpoena by the SEC
Terraform’s Do Kwon was summoned by the SEC at the Messari Mainnet crypto conference in New York as we read more about it in our latest crypto news today.
Crypto Twitter caused a stir last month after a speaker at the Messari Mainnet crypto conference in New York was summoned by an SEC official, Indiegogo’s witness Slava Rubin noted. Terraform‘s Do Kwon was reportedly the recipient of the subpoena, and court records indicate that Do is going to sue regulators over the subpoena. The subpoenas filed by the Terraform Laboratory and Do against the SEC state that the subpoenas were improperly issued and served, adding that the agency did not keep the interview confidential. Don’t refuse to receive a subpoena first.
lol, I just saw a guy on the top of the escalator being served by the SEC # mainnet2021 just before he goes on stage for his board
– Slava Rubin (@gogoSlava) September 20, 2021
Terraform Labs operates stablecoin according to the Terra algorithm, which maintains the course for the dollar by destroying the LUNA secondary currency 12 CoinNS largest cryptocurrency by market capitalization. The SEC is concerned about stablecoins, so the associated Terraform Labs project has raised awareness of its mirror protocol. Launched in 2020, Mirror is a platform for creating synthetic versions of stocks and these assets are like stablecoins but they reflect the price of stocks instead of cryptocurrencies.
Please note that when Mirror was launched, the usefulness of its assets opened up opportunities for retail investors around the world to participate in the US stock market. However, if retail investors in the US are allowed to use the platform with Terraform, it will be acquired in order to register the product with the SEC because the stock is a tradable security or an investment contract. There is no record of Terraform having registered its assets with the SEC. The spokesman made it clear that he was unsure whether the processing server was an agency while overhearing another man say, “You are served by the SEC,” but the recipient’s identity was initially unclear.
Speculation about the recipient of the subpoena made the event all the more noteworthy as attendees wondered what the SEC had in store. Mainnet attendees joked about whether the SEC had a room at the Marriott hotel near the conference, and Messari CEO Ryan Selkis said:
“We invited congressional officials and regulators to the event, we’d put on lots of their passports, and they chose to hide on the escalator instead of seeing what was really going on in the industry.”
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