Coinbase’s Chief Legal Officer, Paul Grewal, has criticized the Securities and Exchange Commission’s (SEC) $4.47 billion settlement with Do Kwon and the now-bankrupt Terraform Labs.
Grewal raised concerns about the settlement’s ability to offer practical solutions to Terraform’s victims.
Coinbase CLO Questions SEC Settlement with Kwon
Paul Grewal expressed his doubts on the effectiveness of the settlement on X (formerly Twitter) and criticized the SEC for the way they approached the case. He noted that the settlement only requires the SEC to be treated as an unsecured creditor in Terraform’s bankruptcy case and makes Kwon surrender only $7 million of his assets. 
It’s predictably on-brand to tout a settlement with Kwon and the now-bankrupt Terraform totaling $4.7 billion. But the settlement just makes the SEC an unsecured creditor in the BK and only orders Kwon to hand over $7 million of assets he actually has. There’s zero meaningful… https://t.co/x4AFd8gPXs
— pa

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