SEC settlement with Terraform Labs and former CEO involves $4.5 billion penalty and ban on crypto asset securities trading

A settlement has been reached between the SEC, Terraform Labs, and its former CEO, Do Kwon, which includes a $4.5 billion penalty and a ban on trading "crypto asset securities". The settlement was approved by Judge Jed Rakoff of the Southern District of New York and involves Kwon paying the penalty and being permanently banned from buying and selling "crypto asset securities". Terraform Labs is currently in Chapter 11 bankruptcy protection and has approximately $150 million in assets on hand.