{"id":202630,"date":"2021-10-26T00:00:59","date_gmt":"2021-10-25T23:00:59","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=202630"},"modified":"2021-10-26T00:11:28","modified_gmt":"2021-10-25T23:11:28","slug":"terra-founder-do-kwon-files-lawsuit-against-the-us-sec","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/terra-founder-do-kwon-files-lawsuit-against-the-us-sec\/","title":{"rendered":"Terra founder Do Kwon files lawsuit against the U.S. SEC"},"content":{"rendered":"

Do Kwon<\/a> and Terraform Labs (TFL), the South Korean company behind the blockchain project Terra (LUNA<\/a>), are suing the US Securities and Exchange Commission<\/a> (SEC), last week's filing shows<\/a>.<\/p>\n

The lawsuit comes in response to subpoenas served to the co-founder and CEO of Terraform Labs on September 20, 2021, while in New York City attending a cryptocurrency summit.<\/p>\n

TFL and Do Kwon vs. SEC<\/h2>\n

According to the filing, TFL and Do Kwon\u2019s lawsuit against the US regulator is \u201cchallenging two subpoenas improperly issued and served by the SEC and the SEC\u2019s failure to keep confidential an investigation into the \u2018Mirror Protocol,\u2019 all in violation of the Due Process Clause, the SEC\u2019s Rules and the APA.\u201d<\/p>\n

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[8] The Law (cont.)<\/p>\n

But by doing so, the SEC violated:<\/p>\n

the 14th Amendment of the U.S. Constitution;
Section 555(c) of the Administrative Procedure Act;
Title 17 of the Code of Federal Regulations Section 203.8; and
SEC Rule of Practice 150(b)<\/p>\n

— \uce74\uc774\uc0ac\ub974\ub9ac\ucc98\ub4dc \ub2c9\uc2a8 Hiram (@caesar_milhous) October 25, 2021<\/a><\/p><\/blockquote>\n