Summary
TLDR: The SEC amended its complaint against Tron founder Justin Sun, alleging he sold unregistered securities and spent extensive time in the US promoting the Tron ecosystem. Sun’s lawyers claim the SEC’s claims are out of their regulatory reach, but the SEC argues otherwise. Sun distributed billions of tokens without registering sales, and the SEC settled with eight celebrities for promoting the tokens.
Key Points
1. The SEC amended its complaint against Justin Sun, alleging that he sold unregistered securities for Tron’s network.
2. The SEC added that Sun traveled extensively to the US on behalf of Tron, BitTorrent, and Rainberry, spending significant amounts of time in the country from 2017 to 2019.
3. The SEC’s initial complaint accused Sun of distributing billions of TTX and BTT tokens to the public without registering the sales, and also alleged fraudulent manipulation of the secondary market for TRX through wash trading.