A judge in New York has ordered Terra’s CEO, Do Kwon, to comply with subpoenas that were issued by the SEC in a probe.
The subpoenas were issued in the Commission’s investigation on a DeFi project, Mirror Protocol, based on the Terra network.
Terraform Labs filed a petition refuting the commission’s directive to have Kwon and the firm comply with the subpoenas issued in the probe.
The firm sued the agency, alleging that it breached the processes provided in the constitution during the September 2021 summons. The lawsuit claims that the SEC did not keep the matter confidential.
Terra’s Mirror Protocol is a decentralized finance protocol that enables users to build and trade mirrored assets. The assets reflect the price of stocks, including those listed at the US exchanges.