The SEC, which is the United States agency responsible for securities regulations, has recently modified its legal action against Justin Sun. According to the SEC’s claims, Sun was implicated in selling unregistered securities through the TRX and BTT tokens of Tron.
The regulatory authority claims the power to oversee Sun’s activities due to his prolonged stays in the US, totaling over 380 days between 2017 and 2019. Notable cities where he resided during this period include New York City, Boston, and San Francisco. Additionally, the SEC is pursuing Sun’s affiliated organizations, such as the Tron Foundation and BitTorrent Foundation, in the lawsuit, alleging they were under his influence.
SEC Accuses Justin Sun of Engaging in Manipulative Money Laundering Transactions
The SEC’s revised accusation against Justin Sun primarily revolves around two issues: the unlawful sale of unregistered securities and suspected participation in deceptive wash trading. According to the SEC, Tron (TRX) and BitTorrent (BTT) tokens were marketed and sold to American investors, contradicting Sun’s assertions that these transactions took place abroad.
The SEC has identified suspected wash trading transactions on Bittrex, a crypto exchange based in Seattle, as potential evidence against Sun. This alleged activity forms a substantial element of the SEC’s charges against Sun and his related enterprises.
Justin Sun Challenges SEC’s Jurisdiction Claim, Denies Allegations
In reaction to the SEC’s claim of jurisdiction, Justin Sun firmly disputes the accusations. He asserts that his token sales took place exclusively outside the US and were not intended for the American market. Sun insists that the SEC has no power to regulate him or the Singapore-based Tron Foundation since the suspected securities infringements happened outside US territory.
In the midst of an ongoing court case, Sun’s lawyers have not yet given a formal comment on the matter. The intricacies of this dispute reveal the complexity of juridical matters and accusations common in the cryptocurrency sector.
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2024-04-19 11:05