Do Kwon, the creator of the failed Terra stablecoin, is facing charges of forging official documents in Montenegro. U.S. District Judge Jed Rakoff has rejected a crypto defense theory that could have shut down the SEC's enforcement campaign. Rakoff refused to dismiss the SEC's securities fraud case against Terraform Labs and its founder Do Kwon, stating that the government adequately alleged that the defendants sold unregistered digital assets and deceived investors about the stability of the TerraUSD and Luna algorithmic stablecoins. Rakoff's ruling is the first to address the issue of the "major questions" doctrine not applying to the cryptocurrency industry, and future judges will have to consider his concern that allowing crypto to invoke the doctrine would disrupt routine economic regulation.