Do Kwon Reaches Settlement in Principle with SEC
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According to a court entry, Terraform Labs and its co-founder Do Kwon have agreed to a settlement with the U.S. Securities Exchange Commission.
The previously scheduled oral argument has been cancelled and both parties have been instructed to submit papers supporting a final judgment consistent with the settlement by June 12, 2024.
The SEC had charged Terraform and Kwon with wrongdoing in relation to their algorithmic stablecoin Terra USD (UST), but recently the two sides were debating over the amount of fines.
While Terraform and Kwon argued for a fine of $1 million, the SEC proposed a much higher amount of $5.3 billion.
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