PANews reported on June 26 that according to Cointelegraph, the U.S. federal court has filed criminal charges against Terraform Labs co-founder Do Kwon, and the indictment may change as the relevant bills of the U.S. Congress advance. On Wednesday, Do Kwon's lawyers and prosecutors held a briefing in front of Paul Engelmayer, a judge at the U.S. District Court for the Southern District of New York. The judge said that he "took note of the stablecoin GENIUS Act," suggesting that the bill may affect the charges of securities fraud against Do Kwon.

The GENIUS Act was passed by the U.S. Senate on June 17, but it still needs to be voted on by the House of Representatives, after which President Trump will decide whether to sign it into law. The bill focuses on the regulation of payment stablecoins, which may affect the judgment of Do Kwon on the charges related to the TerraUSD (UST) algorithmic stablecoin and the platform's LUNA token.