Do Kwon, the founder of Terraform Labs and the creator of LUNA and TerraUSD, is currently contesting the efforts of the US Securities Exchange Commission (SEC) to extradite him to the United States for interrogation in relation to the insolvency of stablecoin projects.
In a legal submission made on Wednesday, Kwon’s legal representatives have petitioned the federal court to decline the SEC’s appeal to question him within the United States concerning the severe downturn of Terraform Labs’ cryptocurrencies, UST and LUNA.
This submission has been filed within the jurisdiction of the U.S. District Court for the Southern District of New York.
Kwon’s legal team is firmly opposing any opportunity for him to testify before US regulatory authorities. They assert that it is “impossible” to transport Kwon, who is currently detained indefinitely in Montenegro, to the United States. Additionally, they have contended that Kwon cannot furnish written testimony to the SEC as it would violate his due process rights under US law.
In their application, Kwon’s lawyers have stated, “An order mandating something that is unattainable serves no pragmatic purpose and risks undermining the authority of the judiciary.”
Last week, the SEC petitioned the court for permission to convene with Kwon regarding the collapse of Terra (LUNA) before the October 13 deadline for discovery in the case.