.stablekwon wants SECGov to drop the civil action against him for lack of jurisdiction. For one, UST is a currency and not a security, Kwon's lawyers say. iamsandali reports.
Kwon, who has been on the run from regulators since the collapse of his multi-billion dollar crypto enterprise in May 2022, was recently arrested in Montenegro for attempting to travel with falsified documents. Following his arrest, the SEC charged the South Korean national with securities fraud.
In the civil action brought against Kwon, the regulator failed to prove"personal jurisdiction" as products referenced by the SEC were"available to the world and not directed at U.S. persons," a 47-page supporting document for a motion to dismiss the charges said. It also says that a digital asset involved in the case, the stablecoin UST, does not fall under the purview of the SEC as it is a currency and not a security.
"Congress has not granted the SEC the power to regulate the digital assets at issue here," the document, filed with a New York court said. The company also did not conduct any public offerings of securities that warranted an SEC registration, according to Kwon's representatives. SEC Chief Gary Gensler has been
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