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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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