Crypto Firm Terraform Reveals SEC Subpoena — as It Sues SEC
- Singapore-based Terraform says SEC overstepped jurisdiction
- Terra blockchain’s Mirror Protocol offers synthetic stocks
Terraform Labs, a Singapore-based crypto firm offering synthetic stocks on its blockchain, disclosed that the U.S. Securities and Exchange Commission had subpoenaed its chief executive officer while he attended a conference in New York. It made the revelation in a lawsuit Terraform itself filed against the SEC in response.
Terraform says in its suit that the SEC’s process server approached Do Kwon, who is a resident of South Korea, in September as he was on his way to give a presentation at the “Mainnet 2021” summit. The subpoenas are among the latest efforts by U.S. authorities to assert their purview over crypto companies even when based abroad as they seek to extend its global reach over the industry. Kwon’s and Terraform’s attorneys argue that the subpoenas were an improper attempt by the SEC to claim jurisdiction.