Terra Vs SEC: Pretrial Deadline Set Amid Do Kwon’s US Extradition

In the ongoing legal battle between Terraform Labs and the U.S. Securities and Exchange Commission (SEC), the court has taken a significant step by establishing pretrial deadlines and procedures. This development coincides with news of Do Kwon’s extradition from Montenegro to the United States.

Setting Pretrial Deadlines: A Crucial Step

The court presided over by Judge Jed S. Rakoff, has recently approved an order outlining pretrial deadlines and procedures. As part of this order, the SEC and Terra lawyers have agreed to postpone the trial until March 25. This adjournment allows both parties ample time to complete necessary preparations, including oppositions to motions, depositions, and counter-designations, all due by March 11.

Additionally, the court has mandated that the SEC and Terra submit a proposed consent order by March 18. Furthermore, as per the judge’s instructions, both parties must provide proposed jury charges to the court by the same date. All requirements are to be fulfilled at least 48 hours before the pretrial deadline.

Do Kwon’s Potential Court Appearance

The extradition of Terra co-founder Do Kwon to the United States adds a layer of complexity to the legal proceedings. While the timing of Kwon’s arrival in the U.S. remains uncertain, it is anticipated that he will be present for court proceedings on the scheduled trial date.

Kwon’s journey to the U.S. legal system began when he was detained in Montenegro in March 2023 and subsequently sentenced to four months in prison. Throughout his custody, extradition proceedings have been ongoing. Notably, while former Terra CFO Han Chang-joon was extradited to South Korea, Kwon successfully appealed his extradition to South Korea due to legal ambiguities surrounding the ruling.

Background: SEC’s Ruling on LUNA and MIR Tokens

It’s essential to recall that the U.S. District Court of the Southern District of New York previously ruled in favor of the SEC, classifying LUNA and MIR tokens as securities. This classification has significant implications for the ongoing legal dispute between Terraform Labs and the SEC, shaping the trajectory of the case as it progresses.

Key Takeaways:

• Legal Maneuvers: The court’s establishment of pretrial deadlines underscores the gravity of the legal battle between Terra and the SEC, indicating a crucial phase in the proceedings.
• Do Kwon’s Extradition: With Do Kwon’s extradition to the U.S., the prospect of his involvement in court proceedings adds a new dimension to the case, potentially influencing its outcome.