Flickr.com
Main page News, South Korea, Blockchain, SEC, Regulations

Terraform Labs and Terra's Founder Do Kwon are now required to comply with investigations by the US Securities and Exchange Commission (SEC) into Mirror Protocol after a US court overruled Kwon's appeal.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

According to Law360, Kwon now has to hand over documents related to the Mirror Protocol and personally provide testimony to the SEC. The watchdog wants to find out whether Terraform Labs and Kwon violated federal securities laws in their participation in the creation, promotion, and offer to sell various tokens related to the Mirror Protocol, a decentralized finance protocol on Terra that allowed users to exchange tokenized stocks.

Korea Probes Terraform Labs on Price Manipulation Concerns: Report

The Terraform Labs CEO claimed that Mirror Protocol's lacked US clients as only 15% of them were from the US. But the US court took the SEC's stand, which emphasized that Terraform Labs focused its marketing on US consumers.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Strawberry Cake Media Corp. © 2024 Cookie Policy Editorial team Archive

ihodl.com is an illustrated edition about cryptocurrencies and financial markets.
Every day we publish the best materials for everyone interested in economy.