SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction

Source Fxstreet
  • The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US.
  • Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
  • The SEC alleges that TRX and BTT tokens were promoted, offered and sold to US-based consumers and investors.

The US Securities and Exchange Commission (SEC) has amended its lawsuit against TRON founder Justin Sun, after its first filing in March. The financial regulator dismissed claims over jurisdiction and alleged that Sun sold TRX and BTT tokens to consumers and investors in the United States.

Sun faces SEC lawsuit and allegations

TRON founder Justin Sun allegedly spent over 380 days in the US between 2017 and 2019. The SEC used this information to rejig its lawsuit against Sun and claim that his “extensive travel” in the US gives the regulator jurisdiction over him, Tron and his two other businesses. 

SEC had filed a lawsuit against Sun in March 2023, naming the TRON Founder, Foundation, BitTorrent Foundation and Rainberry over the offer and sale of TRX and BTT. The SEC alleges that these tokens are unregistered securities. 

In response to the SEC’s allegations, Tron requested that the lawsuit be dismissed, stating that the regulator has no jurisdiction over digital assets sold to foreign users on global platforms. Tron stated that the sale of BTT and TRX tokens was entirely outside of the United States. 

The US financial regulator issued an electronic subpoena to Justin Sun, the Tron Foundation, and related entities in March 2023. 

The revised lawsuit alleges that Sun’s trips to the US were on behalf of the Tron Foundation, the BitTorrent Foundation and Rainberry and the executive likely promoted, offered and sold BTT and TRX to customers and investors based in the United States. 

TRX price is down less than 1% and BTT price is down nearly 2% on Friday. 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Crude Oil Price Forecast: Can Brent Hold $100 Amid Hawkish Fed Rate Hikes and Easing Supply Concerns? International oil prices continued to fall after the Federal Reserve resumed rate hikes in September. On Wednesday, WTI crude dropped 3.28% to settle at $102.02 per barrel; Brent crude fe
Author  TradingKey
13 hours ago
International oil prices continued to fall after the Federal Reserve resumed rate hikes in September. On Wednesday, WTI crude dropped 3.28% to settle at $102.02 per barrel; Brent crude fe
placeholder
Dow drops 631 points as the Fed hikes — but futures are rebounding: what's next for US stocks?The Dow fell 631 points and the S&P 500 closed below 7,600 after the Fed hiked rates for the first time since 2023, with the dot plot showing 16 of 18 officials expect more tightening. Asia-session futures are already recovering — here are the levels and analyst views that decide whether 7,500 holds.
Author  Irene Q.
20 hours ago
The Dow fell 631 points and the S&P 500 closed below 7,600 after the Fed hiked rates for the first time since 2023, with the dot plot showing 16 of 18 officials expect more tightening. Asia-session futures are already recovering — here are the levels and analyst views that decide whether 7,500 holds.
placeholder
Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks inThe U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.
Author  Irene Q.
20 hours ago
The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.
placeholder
TradingKey Daily Market Briefing: Fed Raises Rates by 25 Bps, May Hike Again This Year; Gold Tumbles as Intel Rises 4%On September 16, Eastern Time, US stocks rose before pulling back following the Federal Reserve's rate decision announcement for September. The Fed unanimously decid
Author  TradingKey
21 hours ago
On September 16, Eastern Time, US stocks rose before pulling back following the Federal Reserve's rate decision announcement for September. The Fed unanimously decid
placeholder
September Fed Rate Decision Preview: Is a Rate Hike a Foregone Conclusion? US Stocks, Dollar, and Gold Face a Critical TestThe Federal Reserve will announce its September interest rate decision at 2:00 p.m. ET on Wednesday (September 16), followed by a press conference held by Fed Chair Kevin Warsh at 2:30 p.
Author  TradingKey
Yesterday 10: 14
The Federal Reserve will announce its September interest rate decision at 2:00 p.m. ET on Wednesday (September 16), followed by a press conference held by Fed Chair Kevin Warsh at 2:30 p.
Related Instrument
goTop
quote