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
$180 Oil Prices Imminent? Saudi Arabia Warns: Crisis to Last Until Late April, Oil Prices Will Break Historic HighsThe continuous escalation of geopolitical conflicts in the Middle East is pushing global energy markets toward their most severe test in nearly 20 years.The Wall Street Journal reports th
Author  TradingKey
12 hours ago
The continuous escalation of geopolitical conflicts in the Middle East is pushing global energy markets toward their most severe test in nearly 20 years.The Wall Street Journal reports th
placeholder
Gold tumbles below $4,650 as inflation fears and liquidity squeeze weighGold price (XAU/USD) remains under selling pressure near $4,640 during the early Asian session on Friday. The precious metal extends the decline as soaring crude oil and energy prices, driven by the escalating US-Israeli war with Iran, reignite inflation fears.
Author  FXStreet
21 hours ago
Gold price (XAU/USD) remains under selling pressure near $4,640 during the early Asian session on Friday. The precious metal extends the decline as soaring crude oil and energy prices, driven by the escalating US-Israeli war with Iran, reignite inflation fears.
placeholder
Bitcoin Drops Below $70,000 as Crypto Rally Fails to MaterializeThe crypto market experienced a significant pullback, Bitcoin (BTCUSD) fell below the key $70,000 mark during intraday trading, triggering short-term stop-loss orders and causing market s
Author  TradingKey
Yesterday 10: 20
The crypto market experienced a significant pullback, Bitcoin (BTCUSD) fell below the key $70,000 mark during intraday trading, triggering short-term stop-loss orders and causing market s
placeholder
Gold falls below $4,850 as Fed holds rates steadyGold price (XAU/USD) faces some selling pressure near $4,830 during the early Asian session on Thursday.
Author  FXStreet
Yesterday 01: 59
Gold price (XAU/USD) faces some selling pressure near $4,830 during the early Asian session on Thursday.
placeholder
WTI Crude Prices Capped at $100, Has the Rally Ended? How to Trade the Short Term? Today (March 18), WTI crude oil continued to exhibit significant short-term volatility, driven by a tug-of-war between headlines and data. Intraday, prices retreated from Tuesday's high o
Author  TradingKey
Mar 18, Wed
Today (March 18), WTI crude oil continued to exhibit significant short-term volatility, driven by a tug-of-war between headlines and data. Intraday, prices retreated from Tuesday's high o
Related Instrument
goTop
quote