The United States Securities and Exchange Commission (SEC) has accused entrepreneur and investor Justin Sun and his companies of offering and selling unregistered securities through TRX and BTT tokens. In response to these allegations, the defendants challenge the jurisdiction of the regulator and also question the basis of these accusations..
Justin Sun is in heated conflict with the Securities and Exchange Commission
Justin Sun, the famous cryptocurrency investor and founder of the Tron blockchain, is battling with the United States Securities and Exchange Commission. Of course, this is nothing new. But instead of time being enough to ease the intensity of the conflict, the gap between the two sides and the dispute appears to have widened.
👈Read more: The US Securities and Exchange Commission is accused of lying!
The controversy began last year when she realized Security and Exchange Commission Serious accusations against Justin Sun and his companies. Including the TRON Foundation, BitTorrent and Rainberry Inc.
The SEC accused the defendants of offering and selling unregistered securities through the TRX and BTT tokens since their initial coin offering (ICO) in 2017. The SEC later charged Justin Sun with fraud and market manipulation.
The Securities and Exchange Commission is not qualified to prosecute Sun and his companies. A convincing argument!
Faced with these accusations, Justin Sun and his co-defendants adopted a defensive position. They argue primarily on two fronts: they challenge the jurisdiction of the SEC, and they also question the basis of these accusations.
The defense team asserts that the activities at issue do not fall within the scope of the SEC. Especially since TRX and BTT tokens do not meet the standards of the Howey Test, which classifies investment assets. Thus, the SEC oversteps its regulatory authority by attempting to impose jurisdiction over entities and activities that occur outside its jurisdiction.
👈Read more: Why is the SEC now targeting crypto companies?
They also claim that this approach is contrary to the principles of fair play and justice. Especially since the sales of the tokens in question were not made directly to American citizens or accounts, which would place them, according to them, once again outside the geographic scope of the SEC.
Additionally, the defense team refuted allegations of market manipulation and illegal promotion of crypto asset securities. Claiming that the SEC failed to prove that such activities had illegal purposes.
This highlights the lack of specific factual allegations and the reliance on generalizations to support the regulator's accusations. The defense team for Sun and its companies also claims that the SEC has not provided sufficient evidence of token sales to U.S. individuals or accounts.
The defendants also highlighted the lack of regulatory clarity and fair notice from the SEC, casting doubt on the validity of the charges against them.
👈Read more: The Securities Commission is asking for $2.6 billion to control the digital currency market!
In conclusion, the SEC has been waging a fierce war against the cryptocurrency industry for several years. Instead of issuing laws and regulations for the industry, then enforcing them and monitoring compliance, the authority wants to rule the industry without clear law and through lawsuits.
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