tl;dr
The U.S. Securities and Exchange Commission (SEC) has filed an amended complaint in its lawsuit against Tron founder Justin Sun, arguing that his extensive travel to the U.S. gives the case U.S. jurisdiction. The complaint notes Sun's significant time spent in the U.S. and alleges that he offered un...
The U.S. Securities and Exchange Commission (SEC) has filed an amended complaint in its lawsuit against Tron founder Justin Sun, arguing that his extensive travel to the U.S. gives the case U.S. jurisdiction. The complaint notes Sun's significant time spent in the U.S. and alleges that he offered unregistered securities, manipulated the secondary market, and orchestrated a scheme to pay celebrities to promote cryptocurrencies without disclosing compensation. Despite Sun's denial and claims of the lawsuit lacking merit, the SEC asserts jurisdiction over him and his firms due to their actions directed toward the U.S. The ongoing lawsuit has not deterred Sun's activities, as Tron recently announced the release of "The Tron Anthem," an orchestral piece inspired by Sun.
The U.S. Securities and Exchange Commission (SEC) has filed an amended complaint in its lawsuit against Tron founder Justin Sun, arguing that because he "traveled extensively" to the U.S., the case falls under the country's jurisdiction. In the complaint, the SEC notes that over three years from 2017 to 2019, Sun spent around 380 days in the U.S., undertaking business trips to New York City, Boston and San Francisco in 2019. The SEC also pointed to Sun's stays at an apartment in the U.S. rented by Rainberry, one of the firms named in the lawsuit. In March 2023, the SEC charged Sun and his "wholly-owned" companies, Tron Foundation Limited, BitTorrent Foundation Limited, and Rainberry Inc, with offering unregistered securities in the form of the Tronix (TRX) and BitTorrent (BTT) cryptocurrencies. The lawsuit also alleged that Sun and his companies manipulated the secondary market for TRX through "extensive wash trading." The SEC also accused Sun of orchestrating a scheme to pay celebrities including Lindsay Lohan, Jake Paul, and Soulja Boy to promote TRX and BTT without disclosing their compensation.
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