The United States Securities and Exchange Commission (SEC) has revised its legal stance in its ongoing case against Justin Sun, the founder of Tron. The amendment to the lawsuit emphasises Sun's extensive travel across the United States, which, according to the SEC, substantiates its claim to jurisdiction.
In a document submitted to a federal court in Manhattan on 17 April, the SEC detailed how Sun's actions were intentionally directed towards the U.S., thereby establishing "personal jurisdiction." The regulatory body highlighted that between 2017 and 2019, Sun spent over a year on U.S. soil, attending business engagements in major cities such as New York, Boston, and San Francisco.
These visits, the SEC asserts, were on behalf of entities like the Tron Foundation, the BitTorrent Foundation, and Rainberry, which are referred to in the legal documents as Sun’s "alter ego" firms. The implication here is that Sun and his businesses did not merely operate in the U.S., but targeted it strategically.
Source: CourtListener
The heart of the SEC's claim lies in allegations that Sun and his associated companies engaged in the sale of unregistered securities via the Tron and BitTorrent (BTT) tokens. Additionally, the amended complaint accuses Sun of engaging in manipulative trading practices, specifically "wash trading" TRX tokens through a crypto exchange based in Seattle.
In a twist to the narrative, Sun, a Chinese-born Grenadian citizen, countered the SEC's claims in late March. Representing the Singapore-based Tron Foundation, he argued that the SEC's application of U.S. securities law to predominantly foreign activities was misplaced and that the agency lacked jurisdiction over him. Sun maintained that the sales of TRX and BTT tokens were conducted entirely abroad, with deliberate measures taken to circumvent the U.S. market.
In the crypto world, the flow of funds is not untraceable, and the long arm of the law is learning to transcend national borders and the boundaries of code.
JinseFinanceJustin Sun, Tron, cryptocurrency, Justin Sun: The Architect in the Eye of the Storm, Golden Finance, the "Crypto Regent" who once stood in the dock.
JinseFinanceRecently, the US asset management giant Canary Capital officially submitted the S-1 registration statement for TRX ETF to the US Securities and Exchange Commission (SEC) - TRX ETF officially submitted S-1.
JinseFinanceTron founder Justin Sun purchased artist Maurizio Cattelan’s iconic work Comedian Banana for $6.2 million.
JinseFinanceAt 34, Justin Sun is still active at the forefront of the blockchain industry. Every move he makes is like being in the spotlight, attracting much attention. This almost paranoid enthusiasm is like an invisible hand that keeps pushing him forward.
JinseFinanceThere are many similarities between Sun Yat-sen’s revolution and Web3’s digital reforms.
JinseFinanceSunPump launched over 1,000 memecoins daily, generating $1.84 million TRX within days. TRON's liquidity pool dominates with $60 billion....
XingChiWhat exactly is WBTC? What is the specific content of BitGo's announcement? What kind of company is BiT Global? How valuable is the TCSP license? What does MakerDAO's move mean? What do industry insiders think?
JinseFinanceGolden Finance launches the 2301st issue of "Golden Morning 8", a morning report on the cryptocurrency and blockchain industry, to provide you with the latest and fastest news on the digital currency and blockchain industry.
JinseFinanceGolden Weekly is a weekly blockchain industry summary column launched by Golden Finance. The content covers key news of the week, mining information, project trends, technology progress and other industry trends.
JinseFinance