In a brief filed by lawyers for Terraform, they argued that the company’s token issuance and sales “almost entirely occurred outside of the United States.” Meanwhile, the U.S. Securities and Exchange Commission (SEC) argued that the company was “targeting U.S. investors” and should pay a fine of $5.3 billion.
The SEC cited Terraform’s logo displayed at Nationals Park in Washington, D.C. as evidence of the company’s efforts to enter the U.S. market. According to multiple news reports, the company signed a partnership agreement with a U.S. baseball team in February 2022. Terraform’s lawyers stated, “Displaying the TFL logo at Nationals Park in Washington, D.C. did not have a substantive impact in the United States.”
