Terraform Labs and Do Kwon's legal representatives are disputing the proposed fines by the SEC, arguing that a penalty closer to $1 million is more reasonable than the suggested $5.3 billion. The SEC is seeking approximately $4.7 billion in damages and interest, with fines of $420 million for Terraform and $100 million for Kwon. However, the defendants' lawyers consider these figures excessively high. In a recent court filing, they advocated for a much lower penalty, suggesting that Terraform Labs should be fined no more than $1 million. The SEC charged Terraform and Kwon in February 2023 over issues related to the algorithmic stablecoin Terra USD (UST), which experienced a significant drop in value. Following a jury's verdict of civil fraud, Terraform and Kwon were found liable based on allegations of misleading investors. Among the key issues were claims of violating federal securities laws and offering unregistered securities. Terraform is currently evaluating its options in response to the legal proceedings.#BitcoinETFs #BinanceLaunchpool