THELOGICALINDIAN - The SECs analysis focuses on Mirror Protocol a DeFi belvedere for trading constructed assets
A commune adjudicator has ordered Terraform Labs CEO Do Kwon to accede with the Securities and Exchange Commission’s analytic subpoenas into Mirror Protocol.
Kwon Ordered to Comply
The SEC is affective advanced with its Mirror Protocol investigation.
Court abstracts revealed Thursday that a New York commune adjudicator has ordered Terraform Labs CEO Do Kwon to accede with the Securities and Exchange Commission’s analysis into Mirror Protocol.
The filing, anachronous Feb. 17, states that the cloister has “reviewed all the parties’ filings” and disqualified on the SEC’s appliance for an adjustment acute Terraform Lab’s acquiescence with its analytic subpoenas. The certificate states:
“For the affidavit declared on the almanac at the February 17, 2022 conference, the SEC’s appliance is GRANTED, and Terraform and Kwon are hereby ordered to accede with the above-referenced subpoenas.”
The Terraform Labs CEO was first served two subpoenas by the SEC in September 2021 as he abounding the Messari mainnet appointment in New York. In response, Kwon alternate by arising his own accusation adjoin the U.S. regulator, asserting that the two subpoenas were “improperly issued and served by the SEC,” while additionally citation the SEC’s abortion to accumulate arcane its analysis into Mirror Protocol.
Kwon’s accusation additionally contests the SEC’s subpoenas on the base that he is not an American aborigine and that Terraform Labs is headquartered in Seoul. However, the contempo cloister filings advance that Kwon’s countersuit may accept been unsuccessful, as the cloister appears to accept disqualified in the SEC’s favor.
Mirror Agreement is one of several DeFi applications created by Terraform Labs active on the Terra blockchain. The agreement allows users to actualize changeable tokens that clue the amount of real-world assets. For example, users can create, buy, sell, and access leveraged positions on constructed bolt such as gold and silver, as able-bodied as constructed assets listed on the New York Stock Exchange, such as Apple and Tesla shares.
As NYSE-listed shares are classed as balance and adapted by the SEC, their advertisement on Mirror Protocol is acceptable why Terraform Labs has accustomed analytic subpoenas for a case adjoin Mirror Protocol.
Disclosure: At the time of autograph this piece, the columnist endemic LUNA and several added cryptocurrencies.
