💰Terraform Labs' lawyers push back against 🇺🇸 SEC, argue token sales were mostly outside US
Lawyers for Terraform Labs pushed back against the Securities and Exchange Commission after the agency requested them to pay billions of dollars in fines. Terraform's offer and sales of tokens happened "almost entirely outside the U.S." the firm's lawyers argued in a brief filed on Wednesday. Meanwhile, the SEC has argued that the firm "targeted U.S. investors" and says they should pay $5.3 billion in fines, most of that being in disgorgement.
💰Terraform Labs' lawyers push back against 🇺🇸 SEC, argue token sales were mostly outside US
Lawyers for Terraform Labs pushed back against the Securities and Exchange Commission after the agency requested them to pay billions of dollars in fines. Terraform's offer and sales of tokens happened "almost entirely outside the U.S." the firm's lawyers argued in a brief filed on Wednesday. Meanwhile, the SEC has argued that the firm "targeted U.S. investors" and says they should pay $5.3 billion in fines, most of that being in disgorgement.
To pay the bills, Mr. Durov is issuing investors $1 billion to $1.5 billion of company debt, with the promise of discounted equity if the company eventually goes public, the people briefed on the plans said. He has also announced plans to start selling ads in public Telegram channels as soon as later this year, as well as offering other premium services for businesses and users.
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