U.S. Securities and Exchange Commission (SEC) attorneys responded to proposed remedies for the decision in the Terraform Labs case.
In its May 6 filing with the U.S. District Court for the Southern District of New York, the SEC challenged Terraform's argument for under-compensation in the jury verdict. According to SEC attorneys, Terraform and its co-founder Do Kwon never presented in court the commission's argument for international enforcement of federal laws for token offerings and sales outside the United States.
“Defendants' claims are without merit because they are based on misapplication of law and misrepresentation of relevant facts,” the SEC filing stated.
Even if the court accepted the legal basis for Terraform's argument, the SEC offered several precedents for applying U.S. securities laws. The defense emphasized the "secret role" played by the US company Jump in the return of TerraUSD (UST) to the dollar peg.
Terraform's former communications manager was based in California, where he "posted a series of false and misleading tweets at Kwon's direction, attributing the recovery of UST's $1 peg to its algorithm." Kwon introduced the IHR at a conference in New York in September 2021 and spoke to media outlets with an audience in the country.
The SEC planned to seek $3.6 billion in damages from Terraform and Kwon and $1.7 billion in "unjust profits from Defendants' net sales of UST." In its filing for the proposed verdict, Terraform proposed a $1 million civil penalty and did not seek any damages.
After a two-week trial, a jury found Terraform and Kwon liable for fraud in April. All parties in the civil case are scheduled to return to court on May 22 for Judge Jed Rakoff to consider proposed remedies.
Kwon was unable to attend the hearing in person due to legal issues in Montenegro. Terraform's co-founder was arrested in 2023 on charges of using fake travel documents and sentenced to four months in prison. Kwon remains in the country while extradition requests from the United States and South Korea are evaluated.
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