Bittime - The United States Securities and Exchange Commission (SEC) upheld the lawsuit against Tron founder Justin Sun. The SEC accused Sun and his company of carrying out activities in the United States to sell unregistered securities via Tron (TRX) and BitTorrent (BTT) tokens.
SEC Lawsuit: Sun's Business Activities in the US Become Evidence
In a lawsuit filed again on April 17, 2024 in Manhattan federal court, the SEC claims personal jurisdiction over the names of Sun, Tron, and two other businesses it controls.
According to the SEC, Sun made business trips to the United States for more than 380 days between 2017 and 2019. His travel destinations included New York City, Boston, and San Francisco. The SEC suspects the trip was carried out on behalf of the Tron Foundation, BitTorrent Foundation, and Rainberry, which is said to be a company owned by Sun.
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Alleged Illegal Securities Sales and Market Manipulation
This amplified lawsuit repeats the SEC's initial allegations in March 2024. The SEC accused Sun and his company of selling unregistered securities through TRX and BTT tokens, as well as engaging in manipulative wash trading practices (fictitious trades to influence prices).
The SEC specifically states that TRX and BTT are promoted, offered, and sold to consumers and investors located in the United States. Apart from that, the SEC also suspects Sun of carrying out manipulative wash trading TRX on the Bittrex crypto exchange based in Seattle, United States.
Justin Sun's Defense Efforts
In late March 2024, Sun, a Chinese-born citizen of Grenada, filed to dismiss the lawsuit. He argued that the SEC applied U.S. securities laws to business activities conducted largely overseas. He also said that he had no jurisdiction over himself or the Singapore-based Tron Foundation. Meanwhile, Sun's lawyer has not responded to a request for comment regarding this matter.
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Efforts to Enforce US Securities Laws
The SEC's strengthening of the lawsuit against Justin Sun signals the regulator's efforts to enforce U.S. securities laws, even when it comes to activities involving foreign companies and nationals. This case is still in court, and a final decision has not been issued.
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Also Read:
What is the SEC and Its Role in Cryptocurrency Regulation
SEC Delays Approval of Ether ETFs Until May 2024
SEC Postpones Approval Decision on Fidelity Proposal on Ethereum Spot ETF
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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