Crypto News – The SEC has launched a complaint, which TRON, its founder Justin Sun, and an affiliated company called Rainberry have formally requested be dismissed.
TRON Wants Dismissal of the SEC Lawsuit: Arguing SEC Lacks Authority to Regulate Globally
The defendants in the document, Tron Foundation Limited, BitTorrent Foundation Ltd., Justin Sun, and Rainberry, Inc., collectively called the defendants, contend that the SEC‘s accusations are insufficient evidence to support their claims that they supplied or sold digital assets to US citizens. They asserted that every transaction was carried out abroad.
The statement also made it clear that the BitTorrent Foundation and the Tron Foundation are Singaporean organizations that only performed business in other countries, did not have offices in the US, and did not hire any Americans. In that regard, TRON emphasizes how limited the SEC’s authority is.
Defendants Argue SEC Destabilized the Digital Asset Market Globally
Furthermore, the request for dismissal made by the Tron Foundation is supported by seven factual backdrops. It highlights the uncertainty surrounding the regulation of digital assets among these. TRON and its co-defendants contend that additional clarity is necessary for digital asset entities to adhere to legal requirements.
Without a clear regulatory regime that details when a token is a security, how token creators can comply if they offer securities, and how foreign actors in the space fit in the picture, the SEC’s regulatory expansion risks destabilizing the entire global digital asset market,
the defendant
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