Lawyers representing the United States Securities and Exchange Commission and Terraform Labs and co-founder Do Kwon sparred in court over information provided by a whistleblower in the securities lawsuit.
According to a transcript of court events provided by Inner City Press on Nov. 30, the SEC reiterated its claims that Terra and Kwon “committed fraud” using the LUNA token, citing sealed evidence provided by an unnamed whistleblower. Kwon’s and Terra’s legal team reportedly argued the SEC was “flip-flopping” on the issue of TerraUSD (UST) depegging from the U.S. dollar.
“The SEC has misrepresented Do Kwon’s statements,” said Kwon’s and Terra’s lawyer, according to the report. “The whistleblower whose name we are not supposed to say, he withheld some of his recordings.”
OK – now at SEC v Terraform Labs & Do Kwon, Inner City Press will live tweet, thread below https://t.co/zRKCGlc0T4
The arguments came in a hearing of the U.S. District Court for the Southern District of New York, in which Judge Jed Rakoff suggested that none of the filings made under seal would remain confidential should the case go to trial. On Nov. 28, the judge approved the confidential treatment of certain materials filed by Jump Crypto, the firm under scrutiny for its alleged involvement in the events leading to the depegging of UST.
Kwon, who was arrested by authorities in Montenegro in March for using falsified travel documents, could face extradition to either the U.S. or South Korea following a court approval of the proceedings. In addition to the SEC civil case, the U.S. Attorney’s Office charged Kwon with eight criminal counts related to fraud at Terraform Labs.
Should Judge Rakoff deny motions for summary judgment, the SEC case against Terra and Kwon will reportedly start in January 2024. Sentencing for convicted former FTX CEO Sam Bankman-Fried is scheduled for March 2024, and the trial of former Celsius CEO Alex Mashinsky is expected in September 2024 in the same district.
JD Vance has said he does not want the UK to go down a “very dark path” of losing free speech during a meeting with the foreign secretary at his country estate.
The US vice president has previously raised concerns that free speech is being eroded in the UK.
However, during a two-day visit to David Lammy’s grace and favour 115-room mansion, Chevening House in Kent, Mr Vance kept his criticism a bit more low key.
Asked about free speech in the UK during a televised meeting of the two men, Mr Vance said he has “raised concerns” about free speech in his own country and accused the West of “censoring rather than engaging” with different opinions.
He said: “I think the entire collective West, the transatlantic relationship, our NATO allies, certainly the United States under the Biden administration, got a little too comfortable with censoring rather than engaging with a diverse array of opinions. So that’s been my view.
“Obviously, I’ve raised some criticism, concerns about our friends on this side of the Atlantic.
“But the thing that I’d say to the people of England or anybody else, to David, is many of the things that I worry most about were happening in the United States from 2020 to 2024.
“I just don’t want other countries to follow us down what I think was a very dark path under the Biden administration.”
Mr Lammy, who has struck up the unlikely relationship over the past few months, did not comment on Mr Vance’s indirect criticism.
Image: The two politicians went fishing on the Chevening estate. Pic: Reuters
Image: Mr Vance revealed he caught a few fish but Mr Lammy was not so successful. Pic: Reuters
In February, when Sir Keir Starmer was carrying out a similar televised meeting with Donald Trump in the Oval Office, Mr Vance said “infringements on free speech” now do not just affect the British, but also American tech companies – “and by extension American citizens”.
Sir Keir quickly interjected, saying: “We’ve had free speech for a very long time, it will last a long time, and we are very proud of that.”
Mr Vance and his family are staying with Mr Lammy at Chevening for two days before heading to the Cotswolds for a summer holiday.
The vice president was effusive in his praise for the grand estate that comes with Mr Lammy’s job, saying “being here lifts up the human spirit” as he thanked the “people of England” for having such a “beautiful place for foreigners like me to come and talk about the issues of the day”.
The two politicians went fishing ahead of their meeting, with Mr Vance revealing he caught a few, while all three of his children caught a fish but Mr Lammy did not.
He also said his children had fallen asleep on the floor of the large house, and his three-year-old daughter kept asking if she would see Mr Lammy’s daughter.
Mr Lammy posted a picture of him and Mr Vance laughing as they fished, saying it was a “real pleasure” to welcome the Vance family and the vice president “gave me fishing tips, Kentucky style”.
JD Vance confirmed he will holiday in Scotland next week in a trip that could see up to 1,000 police officers deployed as part of security efforts.
He confirmed his Scottish trip during talks with Mr Lammy on Friday.
Sky News understands the Vance family are likely to visit Ayrshire, the same area where Mr Trump recently stayed where he secured a trade deal with the European Union.
Police sources have suggested approximately 1,000 officers will be working across the visit to ensure the vice president and his loved ones are safe, Sky News’ Scotland correspondent Conner Gillies reported.
Police Scotland declined to comment on the specifics.
It is understood the Vance family will not be staying at Trump Turnberry, the luxury Ayrshire resort owned by the US president himself.
A Police Scotland spokesperson said: “Planning is under way for a potential visit to Scotland by the vice president of the United States.
“Details of any visit would be for the White House to comment on, however it is important that we prepare in advance for what would be a significant policing operation.”