The US judge presiding over Do Kwon’s securities fraud case has approved another extension for pre-trial deadlines, allowing both sides until July 15 to file motions.
Author: Sahil Thakur
The US judge presiding over Do Kwon’s securities fraud case has approved another extension for pre-trial deadlines, allowing both sides until July 15 to file motions. The decision comes as Kwon’s legal team and federal prosecutors continue what they describe as “productive discussions.”
The extension was jointly requested by Kwon’s defense attorneys and the prosecution. Although Kwon’s lawyers claimed they were ready to proceed with motions, they stated they preferred more time to continue ongoing discussions with the Department of Justice.
This marks the second time such talks have led to a delay. A previous court hearing set for June 12 was also postponed for similar reasons. Judge Paul A. Engelmeyer granted the request and agreed to push the expert disclosure deadline to December 1.
At a recent hearing, Kwon’s legal team indicated that they may seek to litigate the money laundering charge prior to trial. The court is currently scheduled to hear the case on February 17.
Pre-trial motions in federal cases can influence how the case proceeds. They can include requests to dismiss charges, exclude certain evidence, or even change the venue. In other crypto-related cases, such motions have paused proceedings entirely.
Judge Engelmeyer noted the relevance of the GENIUS Act, a stablecoin-focused bill recently passed by the US Senate. He suggested that the legislation may influence how securities-related matters are considered in the case.
The GENIUS Act is expected to merge with the STABLE Act once it moves to the House of Representatives. While not directly impacting Kwon’s charges, its future implementation may shape regulatory interpretations in similar cases.
Kwon’s attorneys previously referenced a pro-crypto memo from the Department of Justice, which coincided with the disbandment of its digital asset crime unit. Although discussed in court, the memo was ultimately dismissed by the judge as having no bearing on the charges.
Do Kwon faces multiple allegations related to his role in the collapse of Terra’s UST stablecoin, including securities fraud and money laundering. The outcome of the ongoing talks may influence whether the case proceeds to trial as planned.
In May 2022, TerraUSD (UST) and Luna collapsed, erasing over $40 billion in value. This triggered global investigations and shook the crypto market.
Arrested in Montenegro (2023) using false documents. After extradition disputes, he was sent to the U.S. in Dec 2024. He remains in custody and has pleaded not guilty.
The collapse accelerated global stablecoin regulation efforts. The U.S. introduced legislative drafts like the STABLE Act and GENIUS Act in response.
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