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SEC files amended complaint against Tron founder

In this post:

  • The SEC claims that Tron founder Justin Sun has been active on tour.
  • Sun spent over 380 days in the U.S. between 2017 and 2019.
  • The SEC alleged the trips were on behalf of the Tron Foundation.

In its lawsuit against Tron founder Justin Sun, the SEC has made a change claiming that the defendant has been very active on tour and has visited many parts of the United States. This gives jurisdiction to the country.

SEC jurisdiction claims

The plaintiff states it has sufficient jurisdiction over Sun, Tron, and other entities linked to Sun. This is because headquarters have used the defendants to commit the alleged illegal acts and these illegal acts are meant to cause harm to the United States economy and its consumers, thus, a “sufficient jurisdiction has been established on The United States of America,” which is the court writes in its 17 amended complaint filed to a Manhattan federal court.

The SEC claimed overall, Sun spent over 380 days within the U.S. presumably dating back from 2017 to 2019, crossing the cities of New York, Boston and San Francisco on repeated business trips.

Legal implications

The suit claimed the trips were official undertakings by the Tron Foundation, the BitTorrent Foundation, and Rainberry. According to the suit, Sun used different real names for these business entities.

Through the reiteration of allegations made by the SEC in its lawsuit filed last month, the authority also claims that Sun was behind the unregistered sale of the Tron tokens (TRX) and the BitTorrent (BTT) assets. The SEC was careful to state that all these deals between TRX and BTT were meant for U.S investors as well.

He further provided the statement that “Sun went to the US during that time TRX and BTT have been known, sold, and promoted.” At the end of March, Sun asked the case to be dismissed, stating that some of the SEC’s illegal actions regarding him and other foreign conduct were inapplicable to US jurisdiction.

He avowed that the distributions of the TRX and BTT were exclusively sold entirely overseas; also, the sales were devised to bypass the U.S. markets. He added the SEC never contended that the tokens “were first offered to or sold by any U.S. residents.”

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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