Judge dismisses SEC motion, Sun Yuchen's Tron defense wins another major victory!
New York District Judge Edgardo Ramos dismissed the U.S. Securities and Exchange Commission (SEC)'s motion to weaken Tron founder Sun Yuchen's defense on August 19. The ruling marks a setback for the SEC's lawsuit against Sun Yuchen and adds new momentum to Sun Yuchen and his team's fight.
The SEC filed a lawsuit against Sun Yuchen and the Tron Foundation in March 2023, accusing them of engaging in unregistered securities offerings, manipulative trading, and illegal promotion of Tron (TRX) and BitTorrent (BTT) tokens. However, Sun Yuchen's legal team fought back in April, claiming that the SEC lacks jurisdiction over foreign digital asset transactions on global platforms. Now, this argument seems to have received preliminary recognition from the court.
This legal battle is not only about Sun Yuchen's personal fate, but will also have a profound impact on the regulatory landscape of the entire cryptocurrency industry. Against the backdrop of the increasingly complex global cryptocurrency market, every ruling of the court may set new standards for the industry in the future.
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