In the case of Terra, form L, abs, and co-founder of Terra ($LUNA ), Do Hyung Kwon, the defense team requested a two-week extension for the deadline to submit preliminary trial briefs, scheduled for July 1, 2025. According to the petition submitted to the federal court for the Southern District of New York, both parties believe that extending the deadline will help 'avoid unnecessary filing procedures.' The Attorney General's office agrees to this request.
The attorneys confirmed Kwon's readiness, but the extension will be beneficial due to the 'constructive discussions' between the two parties. It was also reported that the request for a delay will not affect other court session dates. Consequently, the session's start date remains set for February 17, 2026.
The two parties have reached an agreement on the date for submitting expert witness statements. Consequently, the defense will submit its statements on December 1, 2025, which is one month after the government’s statements are issued on October 31, 2025.
During last week's hearing, Judge Paul Engelmayer hinted that the recently passed #GENIUS law might impact the course of the case. The GENIUS Act (Guidance and Establishment of National Innovation for U.S. Stablecoins), which was passed by the U.S. Senate on June 17, aims to regulate the use of stablecoins for payment purposes.
The House of Representatives has not yet voted on this bill, and it is awaiting President Donald Trump's signature. However, if passed, it could change the legal basis for the charges against Kwon regarding the token #TerraUSD (UST) and the token $LUNA .
