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SEC Reworks Justin Sun Tron Lawsuit, Claims Founder “Traveled Extensively”

by Abimbola Adu
Apr 19, 2024 - 8:30 pm
in Bitcoin
A courtroom gavel and legal documents symbolizing the lawsuit between SEC and Justin Sun.

Tron Lawsuit Edited After Justin Sun’s Attempted Dismissal

The United States Securities and Exchange Commission (SEC) has edited its lawsuit against Justin Sun and his associated crypto companies, including the Tron Foundation, the BitTorrent Foundation, and Rainberry. This amendment comes as a response to Sun’s attempt to dismiss the case in March, according to documents filed last Thursday.

Details of the Amended Lawsuit

In the revised filings, the SEC alleges that Sun had extensive travel to the U.S. related to his work with the Tron Foundation, the BitTorrent Foundation, and Rainberry. The original lawsuit accuses Justin Sun and the related entities of violating federal law by offering and selling unregistered securities, specifically Tronix (TRX) and BitTorrent (BTT).

Sun’s defense in March centered on the argument that the SEC was overreaching its jurisdiction by trying to apply U.S. securities laws to activities mainly conducted overseas. His lawyers stated, “The SEC is not a worldwide regulator,” criticizing the agency’s approach as overly aggressive.

Big news in the crypto world! SEC revamps lawsuit against Tron founder Justin Sun for alleged sale of unregistered securities via Tron and BitTorrent tokens. Sun denies allegations, challenging SEC's jurisdiction. Complex legal battle ahead in the cryptocurrency industry.

— Kelvin Zinck (@KelvinZinck) April 19, 2024

Celebrity Involvement in the Case

The lawsuit also names celebrities like Lindsay Lohan, Jake Paul, and Austin Mahone, who were allegedly involved in promoting TRX and BTT without proper disclosures about being compensated.

SEC Presses Forward with Crypto Crackdown

Despite ongoing criticisms of its enforcement-first approach to cryptocurrency regulation, the SEC continues to press charges against significant figures in the industry. Under the leadership of Chair Gary Gensler, the agency has pursued actions against other major crypto platforms such as Coinbase, Ripple, and Binance for similar securities violations.

Recently, a U.S. District Court Judge denied Coinbase’s motion to dismiss the SEC’s charges, signaling potential tough times ahead for crypto entities fighting regulatory battles.

The Bigger Picture

As the SEC pushes forward with its regulatory agenda, which includes more stringent market structure rules and enhanced cybersecurity measures, the crypto industry remains under close scrutiny. Chair Gensler emphasized this direction in a recent post on X, highlighting the need for continued regulatory vigilance in the digital asset space.

We've been working on making our markets more efficient, competitive, transparent, and resilient.

We’ve finalized 38 rules – on Treasury clearing, corporate governance, and money market funds, to name a few.

— Gary Gensler (@GaryGensler) April 17, 2024

Conclusion

The ongoing legal developments in the Justin Sun case exemplify the challenges facing the crypto industry as it navigates complex regulatory waters. With the SEC’s amended lawsuit highlighting Sun’s U.S. travels, the case could set important precedents for how U.S. laws are applied to international crypto activities.

Tags: BlockchainRegulationSEC
Abimbola Adu

Abimbola Adu

Abimbola Adu is a crypto content writer with a background in English studies. She is keen on enlightening others about cryptocurrency and blockchains. She enjoys writing poems and spending time with family.

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