SEC Approves Terraform Lab’s Co-Founder Do Kwon’s Request to Delay Trial

Terraform Lab’s co-founder, Do Kwon, submitted a request to postpone his trial in the United States. It was reported that the United States Securities Exchange Commission (SEC) decided to approve the petition so the date could potentially be moved to Apr. 15.

Do Kwon Expected to Attend U.S. Trial

The SEC reportedly granted Do Kwon’s request to move the trial date because he would like to attend the actual trial for his case in the U.S. This comes as the Terraform Labs executive already agreed to extradition from Montenegro.

According to CoinTelegraph, the SEC’s response to rescheduling Do Kwon’s trial was revealed in the Jan. 15 filing at the U.S. District Court for the Southern District of New York. The commission explained it is fully prepared, willing, and able to proceed with the trial against the 32-year-old South Korean former businessman that is set to start on Jan. 29, but it has joined the calls to move the date to a later time.

Decision for Change of Date

The agency said the new date must not be earlier than Mar. 18 since Do Kwon’s legal team is still working on extradition to the U.S. The lawyers are said to be facing challenges in this case, so the deportation from Montenegro is taking a bit of time. He has been detained in the said country since March 2023.

“The SEC joins in Kwon’s request for a modest adjournment so that he may participate in the trial,” the commission stated in the recent filing. “If the trial date is adjourned, the SEC respectfully requests that the trial commences on Apr. 15, 2024.”

Reuters reported that U.S. District Judge Jed Rakoff will decide whether to postpone the trial. Meanwhile, Do Kwon may finally arrive in the U.S. by mid-March.

Photo by: Mariia Shalabaieva/Unsplash

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