In its civil lawsuit against Kwon, the SEC failed to prove „personal jurisdiction“ as products referenced by the regulator 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, doesn’t fall under the purview of the SEC because it is a currency and not a security.
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