- Justin Sun’s extensive U.S. travels give the SEC authority over his complaint, while TRX’s market drops on regulatory concerns.
- Justin Sun defends himself against SEC charges by citing overseas transactions and exposing large Bitcoin holdings, demonstrating his commitment to crypto.
The United States Securities and Exchange Commission (SEC), has revised its case against Justin Sun, the Tron founder, to include jurisdiction due to his frequenting US city regions and other places within the borders.
According to the complaint, Sun and any companies which he owns (including Tron as well as two others) were clearly a direct part of the U.S.market.
Impact of Justin Sun on U.S. Travel and Business
According to Justin Sun’s trip log, he spent more than 380 days in the United States in 2017 and 2019, traveling to places including New York, Boston, and San Francisco.
The SEC’s updated complaint from April 17 states that these visits were made on behalf of the Tron Foundation, BitTorrent Foundation, and Rainberry—all of which Sun is said to utilize as his “alter egos”—for business purposes.
The market’s response during these legal disputes has been conspicuously negative. According to CoinMarketCap, the price of Tron’s TRX coin is currently $0.1091.
That’s a slight decrease of 0.58% over yesterday, but it’s also a much bigger fall of 10.49% from what it was a week ago. The economic slowdown and the rising level of regulation combined to create this disastrous situation.
Legitimate Disputes and Sun’s Defense
In response to accusations of selling unregistered securities and engaging in manipulative wash trading with regard to TRX and BTT tokens, Sun filed a motion to have the action dismissed. He contends that the SEC is applying incorrectly, primarily to conduct that took place abroad, U.S. securities laws.
Sun also emphasized that intentional measures were taken to stay away from the American market, with TRX and BTT tokens being sold exclusively outside of the country.
In addition, Sun’s recent admission that he owns $1.6 billion in Bitcoin on the HTX Exchange highlights his dedication to the cryptocurrency market despite the current legal unrest, as formerly reported by ETHNews.