Lawyers for Terraform Labs pushed back against the Securities and Exchange Commission after the agency requested them to pay billions of dollars in fines. 

Terraform's offer and sales of tokens happened "almost entirely outside the U.S." the firm's lawyers argued in a brief filed on Wednesday. Meanwhile, the SEC has argued that the firm "targeted U.S. investors" and says they should pay $5.3 billion in fines, most of that being in disgorgement. 

"... The SEC has submitted no evidence that Defendants’ limited activities in the U.S. directly caused any losses, much less the billions the SEC seeks in disgorgement," lawyers for Terraform said on Wednesday. 

The SEC charged Terraform and co-founder Do Kwon in February 2023 over the algorithmic stablecoin Terra USD (UST), …