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Propose $1 Million Instead of SEC’s $5.3 Billion
The post Propose $1 Million Instead of SEC’s $5.3 Billion appeared on BitcoinEthereumNews.com. Do Kwon has filed a motion in court seeking to dismiss the SEC’s ludicrous $5.3 billion proposed fines and penalties, claiming that they fail to meet the precedent set by the SEC v. Morrison lawsuit. Kwon’s team proposed that he pay $1 million instead, arguing that only a few people who lost money on LUNA and UST were from the SEC’s jurisdiction in the US. As the world awaits Binance founder Changpeng Zhao’s sentencing in a Seattle courtroom today, another fallen crypto titan is fighting a legal battle of his own. Do Kwon, the man behind the failed LUNA and UST crypto projects, filed a motion recently seeking to lower the SEC’s proposed penalties at a New York court. Kwon was found liable for fraud earlier this month alongside Terraform Labs, his company and the architects of the Terra ecosystem, as Crypto News Flash reported. The SEC followed this up with a filing in which it proposed $4.2 billion in penalties, $545 million in prejudgment interest and $100 million in civil penalties from Kown. It also requested $420 million in civil penalties from Terraform Labs. Kwon’s legal team has criticized the SEC’s proposals in a motion filed in the Southern District of New York. Part of the motion stated: The SEC has failed to prove that it is entitled to the expansive injunction and monetary sanctions it seeks against TFL. Among other failures of proof, the SEC has submitted no evidence that more than a small number of sales of LUNA, UST, or MIR by TFL or TLL, were domestic as required by Morrison. Morrison refers to a precedent-setting lawsuit back in 2010 that pit the National Australia Bank against a US company, HomeSide Lending. The bank lost over $2 billion to the company and sued it for securities fraud;…
The post Propose $1 Million Instead of SEC’s $5.3 Billion appeared on BitcoinEthereumNews.com.
Do Kwon has filed a motion in court seeking to dismiss the SEC’s ludicrous $5.3 billion proposed fines and penalties, claiming that they fail to meet the precedent set by the SEC v. Morrison lawsuit. Kwon’s team proposed that he pay $1 million instead, arguing that only a few people who lost money on LUNA and UST were from the SEC’s jurisdiction in the US. As the world awaits Binance founder Changpeng Zhao’s sentencing in a Seattle courtroom today, another fallen crypto titan is fighting a legal battle of his own. Do Kwon, the man behind the failed LUNA and UST crypto projects, filed a motion recently seeking to lower the SEC’s proposed penalties at a New York court. Kwon was found liable for fraud earlier this month alongside Terraform Labs, his company and the architects of the Terra ecosystem, as Crypto News Flash reported. The SEC followed this up with a filing in which it proposed $4.2 billion in penalties, $545 million in prejudgment interest and $100 million in civil penalties from Kown. It also requested $420 million in civil penalties from Terraform Labs. Kwon’s legal team has criticized the SEC’s proposals in a motion filed in the Southern District of New York. Part of the motion stated: The SEC has failed to prove that it is entitled to the expansive injunction and monetary sanctions it seeks against TFL. Among other failures of proof, the SEC has submitted no evidence that more than a small number of sales of LUNA, UST, or MIR by TFL or TLL, were domestic as required by Morrison. Morrison refers to a precedent-setting lawsuit back in 2010 that pit the National Australia Bank against a US company, HomeSide Lending. The bank lost over $2 billion to the company and sued it for securities fraud;…
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