SEC and Justin Sun Near Settlement in Civil Fraud Case
Justin Sun, founder of SEC and TRON, has requested a stay order in his civil fraud lawsuit, according to the latest court filings.
Both parties reportedly are exploring resolutions or solutions, and the lawsuit will eventually be dismissed.
SEC and Justin Sun legal battle will end
Over the past week, the U.S. Securities and Exchange Commission (SEC) has dropped several lawsuits and legal proceedings against cryptocurrency companies. Most notably, the committee has Ended lawsuit against CoinbaseAnd it’s over Investigate Uniswap and Robinhood.
Now, federal agencies are seeking to resolve one of their biggest lawsuits Tron founder Justin Sun.
Latest Court Register It stressed that both parties requested a stay order to be issued to the Southern District Court of New York. In a case, the stay order will temporarily cease or suspend any further litigation.
The current event indicates that the committee will reach a settlement with Sun. This may impose some penalties on the founder of TRON, but more details are still in the package.
In March 2023, the SEC filed charges against Justin Sun and his companyTron Foundation LimitedBittorrent Foundation Ltd. and Rainberry Inc. (formerly Bittorrent).
SEC accuses Sun and its entity of unregistered offer and Sell crypto asset securitiesspecifically Tronix (TRX) and Bittorrent (BTT).
In addition, the SEC accused Sun of planning a plan to manipulate the secondary market trx Through extensive washing deals.
Most notably, the lawsuit states that the Sun paid celebrities to promote TRX and BTT The compensation was not disclosed, which violated the Securities Law.
In response to these allegations, Sun’s legal team argued that the SEC lacked jurisdiction, claiming that the activities were conducted outside the United States.
However, in April 2024, the Securities and Exchange Commission (SEC) revised the complaint to provide evidence that the Sun has a significant link to the United States.
Recently, in October 2024, the U.S. District Court rejected a motion to dismiss a class action lawsuit filed by TRX investors.
Overall, the SEC seems ready to put these enforcement actions behind the scenes as it relaxes control over the crypto industry.
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