Attorneys for the Securities Exchange Commission have responded to a memo from Terraform Labs proposing remedies for post-judgment judgments in civil cases.
In a May 6 filing with the U.S. District Court for the Southern District of New York, the Securities Exchange Commission rejected Terraform's argument that it reduced ill-gotten gains in a civil case judgment, for which the jury found the company liable. According to SEC attorneys, Terraform and co-founder Do Kwon never made such an argument in court that the commission was enforcing the extraterritorial application of federal law to the issuance and sale of tokens outside the United States. The SEC filing said the defendants' arguments were unfounded because they relied on a misuse of the law and misrepresentation of relevant facts.
The SEC refutes Terraform's claim that the fraud took place outside the United States
2024-05-07 22:56:24
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