| Terraform Labs SEC Case
Moves Toward Trial with Experts
Grilled and Do Kwon Questions
by
Matthew Russell Lee, Patreon Book
Substack
SDNY
COURTHOUSE,
Nov 17– The SEC's case
against Terraform Labs
is moving toward a January
2024 trial. On November 17 US
District Court for the
Southern District of New York
Judge Jed S. Rakoff held a
hearing on potential trial
experts. Inner City Press live
tweet, thread:
Judge: Why is the
name of the company that tried
to maintain the peg in May
2021 kept confidential?
Counsel: They asked for it.
Judge: I'm about to say their
name Company's outside counsel
" Elliot Bacon" says the
material is confidential
Judge: The
name of the company is Jump,
jumping right into it.
SEC: Jump
has an incentive to support
the peg. Judge: Sure there
were motivations. But this
proposed expert was looking at
the effects of Jump's trading,
not its motives. SEC: Jump
earned a $400,000 profit from
a long position in UST.
Terrence
Hendershott: The motivations
don't go into the statistical
model.
Edman: I reviewed
posts by Do Kwon in which he
claimed some transactions were
Chai transactions...
Judge: We're done for today.
Get me Howey briefing. I will
get you a bottom line decision
by Thanksgiving. Inner City
Press will cover it
There's more:
SEC: Will Do Kwon attend? TFL
lawyer: We can't know. Judge:
We need to know by late
December. Oh and I'll speak at
Columbia but not about thus
case, only Howey.
More on Substack
here
The case is
Securities and Exchange
Commission v. Terraform Labs
Pte Ltd. et al., 23-cv-1346
(Rakoff)
***
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