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
Fed Rate Decision Looms as Apple, Microsoft, Meta and Tesla Q4 Earnings Draw Attention: Week AheadLast week, U.S. stocks experienced volatility triggered by Donald Trump's remarks on imposing tariffs on Europe. The Dow fell 0.53% for the week, the S&P 500 slipped 0.35%, and the Nasdaq
Author  TradingKey
6 hours ago
Last week, U.S. stocks experienced volatility triggered by Donald Trump's remarks on imposing tariffs on Europe. The Dow fell 0.53% for the week, the S&P 500 slipped 0.35%, and the Nasdaq
placeholder
Cardano Price Forecast: ADA Selling Pressure Builds, Putting $0.27 Back in FocusCardano trades near $0.34 after three weeks of declines, with Binance futures open interest down to $108.55M and bearish RSI/MACD signals keeping risks tilted toward $0.32 and potentially $0.27.
Author  Mitrade
10 hours ago
Cardano trades near $0.34 after three weeks of declines, with Binance futures open interest down to $108.55M and bearish RSI/MACD signals keeping risks tilted toward $0.32 and potentially $0.27.
placeholder
Bitcoin Slides Into Weekly Close as Bulls Confront $86K Price TestBitcoin has started to lose momentum as U.S. futures prepare for opening, with markets bracing for anticipated volatility catalysts. The cryptocurrency witnessed multi-day lows leading up to the end of the week, as investors face a looming period of macroeconomic uncertainty.
Author  Mitrade
14 hours ago
Bitcoin has started to lose momentum as U.S. futures prepare for opening, with markets bracing for anticipated volatility catalysts. The cryptocurrency witnessed multi-day lows leading up to the end of the week, as investors face a looming period of macroeconomic uncertainty.
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
Jan 23, Fri
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
Jan 23, Fri
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.
Related Instrument
goTop
quote