TechFlow news on October 23 — According to Coinesk, Terraform Labs CEO Do Kwon is suing the U.S. Securities and Exchange Commission (SEC). Builders of Terra confirmed that Do Kwon received a subpoena from the SEC last month at Messari's Mainnet conference. Documents show the matter dates back to May 2021, when the SEC’s enforcement division sent emails to Kwon. The dispute centers on Terra’s Mirror platform, where synthetic stocks tracking prices of major U.S. companies were minted and traded.
Terraform’s lawsuit against the SEC is unusual, but according to Stephen Palley, a lawyer at Anderson Kill, preemptive legal action could make sense in this context. "It reminds regulators that they too must follow the rules of engagement," Palley said.
