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

A New York judge 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 2021 opposing an SEC 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 last year.

  • 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

All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

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