In a Wednesday status conference, the judge overseeing the Terraform Labs co-founder’s case reportedly said he was “mindful of the GENIUS Act.”
Terraform Labs co-founder Do Kwon, facing criminal charges in US federal court, could see a change in his indictment based on bills currently moving through the US Congress.
According to reporting from Inner City Press, Kwon’s lawyers and prosecutors met for a status conference before Judge Paul Engelmayer in the US District Court for the Southern District of New York on Wednesday. The judge reportedly said he was “mindful of the GENIUS Act,” suggesting that it could impact Kwon’s charges on securities fraud.
The GENIUS Act, or the Guiding and Establishing National Innovation for US Stablecoins, passed the US Senate on June 17, but still faces a possible vote in the House of Representatives before US President Donald Trump decides whether to sign the bill into law. The legislation, targeting regulations for payment stablecoins, could affect Kwon’s charges related to the TerraUSD (UST) algorithmic stablecoin and the platform’s LUNA token.
