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US SEC hints at reason to pursue Justin Sun

us-sec-hints-at-reason-to-pursue-justin-sun
Edited by
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US SEC hints at reason to pursue Justin Sun

In a new document, the U.S. SEC explained why it could pursue Tron Founder Justin Sun.

In an amended complaint against Sun, the SEC claimed that his frequent visits to the United States gave rise to legal action. The Commission said in its updated complaint that Sun spent more than 380 days in the United States between 2017 and 2019. The department also believes Sun manipulated the TRX secondary market through wash trading.

Sun’s business trips included major cities such as New York, Boston, and San Francisco. According to the SEC, entrepreneurs with controlled companies purposefully took actions in the United States directed against them.

“During Sun’s business trips to the United States in 2019, he spent time in various cities, including New York City, Boston, Massachusetts, and San Francisco. Rainberry also rented an apartment where Sun stayed during some of his business trips to the United States in 2019.”

SEC statement

The original lawsuit regarding TRX token wash trading allegations involved an unnamed platform. This time, the Commission clarified that it was a Bittrex exchange.

According to the SEC, Sun personally communicated with the platform team regarding TRX’s listing in 2018. The entrepreneur also personally signed many documents related to the company’s attributes.

The department considered that the fact that Bittrex is based in the United States also confirms the right of jurisdiction over the defendants. The exchange and its head settled the SEC’s claims in August 2023, agreeing to pay $24 million. Before this, Bittrex unsuccessfully challenged the agency’s authority to regulate cryptocurrencies.

In March 2023, the regulator accused Sun and three associated companies of an unregistered offering of securities in the form of Tron and BitTorrent tokens.