The US Securities and Exchange Commission (SEC) is targeting important figures of the crypto world one by one. The SEC managed to dethrone Changpeng Zhao, the former CEO of Binance, the world’s largest crypto exchange. Now he has gone after another famous name, Tron inventor Justin Sun. Regulators allege that Sun traveled extensively across the United States on business trips. In contrast, Sun claims that token sales took place entirely outside the United States. He vehemently denies the SEC’s allegations in this regard.
The US SEC now targets the Tron inventor!
The SEC has renewed its allegations in its lawsuit against Tron inventor Justin Sun. Accordingly, he argued that Sun had traveled in the United States and demonstrated personal jurisdiction. The SEC alleged that Sun and two other companies under its control knowingly engaged in actions in and against the United States. It was stated that Sun’s travels were associated with the Tron Foundation, BitTorrent Foundation and Rainberry.
Allegedly, the Tron inventor was in the USA between 2017 and 2019. Additionally, he spent around 380 days during business trips. Previously, the SEC filed a lawsuit against Sun and the companies, accusing them of “unregistered securities sales of Tronix and BitTorrent.” Justin Sun rejected the case, stating that the SEC did not have authority in the cryptocurrency field. He made an application to the necessary authorities for this purpose. Tron Blockchain, whose boss is Justin Sun, argued that the SEC’s intervention in foreign asset offerings and attempts to apply securities laws to “predominantly foreign conduct” is outside the SEC’s authority.
Serious accusations against Justin Sun from SEC, including black money!
In an updated complaint, the SEC reiterates allegations against Justin Sun that he was involved in the sale of unregistered securities and manipulative wash trading. The SEC alleges that Tron (TRX) and BitTorrent (BTT) tokens were sold to investors in the United States. He specifically points to ‘wash trading’ activities on the crypto exchange Bittrex as evidence.
Justin Sun strongly denies these accusations. In this regard, he claims that token sales took place entirely outside the USA. Therefore, he emphasizes that the SEC’s jurisdiction does not apply to him or the Tron Foundation. In the legal battle currently ongoing, Sun’s legal team has yet to provide an official response. This dispute highlights the complexity of jurisdictional and legal issues in the cryptocurrency industry. We will wait and see whether the fate of the Tron inventor will be like the former CEO of Binance.
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