Justin Sun, TRON Foundation file lawsuit to dismiss SEC case

Justin Sun, the Tron founder, and the TRON Foundation have asked a New York court to dismiss a lawsuit from the U.S. Securities and Exchange Commission (SEC).

Sun and the TRON Foundation claim that the regulator could not establish that the court has jurisdiction over the foreign defendants. The March 28 filing claims that the SEC is trying to “extend U.S. securities laws to cover predominantly foreign conduct.”

In March 2023, the SEC accused Tron of selling and airdropping unregistered securities, fraud and market manipulation.

The defendants are Sun, Tron Foundation, BitTorrent Foundation and Rainberry. Rainberry is asking for a dismissal on other grounds, claiming that the defendants did not receive fair notice.

Another reason cited is that the action was premature under the major questions doctrine.

Leave a Reply

Your email address will not be published. Required fields are marked *