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
Yen Exchange Rate’s Shock Jump. Dropping 200 Pips Near 160 Level, BOJ’s Inaction Hides a Mystery, Buy the Dip or Seek Safety?The 'rollercoaster' Yen has once again become the focus of the foreign exchange market! On January 23, USD/JPY experienced a series of 'rollercoaster' short-term movements, plunging nearl
Author  TradingKey
12 hours ago
The 'rollercoaster' Yen has once again become the focus of the foreign exchange market! On January 23, USD/JPY experienced a series of 'rollercoaster' short-term movements, plunging nearl
placeholder
AUD/JPY retreats from 109.00 as "rate check" by Japan's Finance Ministry lifts JPYThe AUD/JPY cross retreats nearly 130 pips from the highest level since July 2024, around the 109.00 mark touched earlier this Friday, though the pullback lacks follow-through.
Author  FXStreet
13 hours ago
The AUD/JPY cross retreats nearly 130 pips from the highest level since July 2024, around the 109.00 mark touched earlier this Friday, though the pullback lacks follow-through.
placeholder
Where crypto market structure bill stands nowThe digital assets market stands still while US lawmakers are moving closer to a committee vote on a crypto structure bill. However, reports suggest that there are deep political divisions that still remain, and bipartisan support looks uncertain. The industry leaders have also shared their separate views on the bill. On one hand, Brian Armstrong, […]
Author  Cryptopolitan
14 hours ago
The digital assets market stands still while US lawmakers are moving closer to a committee vote on a crypto structure bill. However, reports suggest that there are deep political divisions that still remain, and bipartisan support looks uncertain. The industry leaders have also shared their separate views on the bill. On one hand, Brian Armstrong, […]
placeholder
Top 3 Price Forecast: BTC Shows Early Stabilization; ETH and XRP Still Look HeavyBTC trades near $89,900 after holding $87,787 support and eyeing the $91,942 50-day EMA, while ETH (~$2,964) remains capped below $3,017 and XRP (~$1.91) keeps downside risk toward $1.77 after failing to reclaim key levels.
Author  Mitrade
17 hours ago
BTC trades near $89,900 after holding $87,787 support and eyeing the $91,942 50-day EMA, while ETH (~$2,964) remains capped below $3,017 and XRP (~$1.91) keeps downside risk toward $1.77 after failing to reclaim key levels.
placeholder
Research Warns Bitcoin ‘Diamond Hand’ Selling Is Not a Repeat of 2017 or 2021Bitcoin's two-year-plus long-term holders set a new record in sales during 2024 and 2025, differentiating this bull market from previous ones and signaling a potential shift in investor strategy.
Author  Mitrade
21 hours ago
Bitcoin's two-year-plus long-term holders set a new record in sales during 2024 and 2025, differentiating this bull market from previous ones and signaling a potential shift in investor strategy.
Related Instrument
goTop
quote