🔵 Changes in U.S. cryptocurrency laws may affect the charges against Do Kwon in his criminal case. DeThings, June 26 - According to Cointelegraph, a U.S. federal court has brought criminal charges against Do Kwon, co-founder of Terraform Labs, and as relevant bills progress in Congress, the indictment may change. On Wednesday, Do Kwon's lawyer and prosecutors held a status conference before Judge Paul Engelmayer in the U.S. District Court for the Southern District of New York. The judge noted that he was "aware of the stablecoin 'GENIUS Act,'" suggesting that the bill may impact the charges of securities fraud against Do Kwon. The 'GENIUS Act' was passed in the U.S. Senate on June 17 but still requires a vote in the House of Representatives, after which President Trump will decide whether to sign it into law. The bill focuses on the regulation of payment stablecoins and may affect the determination of charges related to Do Kwon and the TerraUSD (UST) algorithmic stablecoin and the LUNA token.

1.49K

The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.