US SEC filed subpoena enforcement action against Terra Development Company and CEO

On November 13th, the US Securities and Exchange Commission (SEC) announced that it had filed a subpoena enforcement action against Terra development company Terraform Labs and its co-founder and CEO Do Kwon, requesting Terra to comply with investigation subpoenas related to documents and testimony, and is Investigate whether Terraform Labs and Do Kwon violate the rules of the federal securities laws, including unregistered securities sales, unregistered brokers or dealers, and unregistered investment companies engaged in securities transactions. However, the SEC is currently continuing its fact-finding investigation, and so far, it has not concluded that any individual or entity violated the federal securities laws. The SEC stated that based on the current investigation, there is reason to believe that Terraform Labs and Do Kwon have promoted, sold and distributed the mAssets and MIR tokens to US investors. The application will further seek a court order and, after a ruling, will instruct Terraform Labs and Kwon to fully comply with the subpoena.

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