US court orders Luna cryptocurrency token founder to appear for hearing

The US Federal Court of Appeals has upheld the legality of the Securities and Exchange Commission’s (SEC) subpoena to Do Kwonand his company, requiring him to appear in the country to testify.

The SEC initially sent a subpoena to Do Kwon back in September 2021, but Do Kwon failed to appear. The SEC wanted Do Kwon and Terraform Labs to appear in court and prove that Terra’s crypto tokens are not illegally registered securities.

Now, the higher court requires Do Kwon to appear at the hearing and argue his position in the case. It is worth noting that another trial awaits him in his native South Korea, as 200,000 Koreans became victims of the UST/Luna token crash. Meanwhile, the price of the Luna 2.0 token continues to fall.