On April 18, the US Securities and Exchange Commission (SEC) accused Justin Sun and other defendants of violating securities laws in a court filing. The SEC asserts that Sun’s trips to the United States provide it with jurisdiction to pursue this legal action.
Between 2017 and 2019, Justin Sun repeatedly traveled to the United States to publicize and sell the BTT and TRX tokens for the Tron and BitTorrent Foundations. However, he failed to comply with the necessary registration requirements during these transactions, with both foundations identified as defendants in SEC’s reports.
According to the regulatory body’s claim, Sun spent more than 380 days in the United States during this timeframe for business engagements in notable cities such as New York City, Boston, and San Francisco. The Securities and Exchange Commission (SEC) contends that these trips, coupled with Sun’s involvement in US-related matters, provide sufficient grounds to exercise jurisdiction over him and the companies under his control.
An altered version of the lawsuit additionally asserts that Sun directly contacted and supplied papers to the American cryptocurrency exchange Bittrex approximately in the year 2018, aiming to get the TRX digital currency listed. The Securities and Exchange Commission (SEC) argues that this action reinforces its authority over Sun and the other accused parties.
The recent accusations focus on Sun’s attempt to drop the SEC lawsuit from March based on the argument that he didn’t have sufficient connection to the US to be sued there. Sun’s legal team, being foreign representatives, made comparable claims for the implicated companies.
In March 2023, the Securities and Exchange Commission (SEC) brought a lawsuit against Sun and other defendants, claiming authority due to their solicitation of investors in the Southern District of New York and their use of American social media influencers as promoters.
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2024-04-19 11:48