Legal Storm Brewing for Justin Sun and Tron Foundation
In March 2023, Justin Sun, the Tron Foundation, the Bittorrent Foundation, and Rainberry were hit with a lawsuit by the U.S. securities watchdog. The lawsuit alleged that they had offered TRX and BTT as unregistered securities, violating U.S. securities regulations.
Judge Grants Extension in SEC’s Tron-Related Suit
On September 14, 2023, a court order revealed that Justin Sun and Rainberry’s legal team requested an extension in their case. The request, granted by Judge Edgardo Ramos, pushed the deadline to December 8, 2023. Sun’s legal counsel argued that there was good cause for the extension.
Reasons for Rescheduling
The rescheduling was motivated by two factors. Firstly, the Tron Foundation faced difficulties in April 2023 and is currently working towards a revival in Singapore. Additionally, recent developments in the SEC vs. Ripple Labs, Inc. case played a role in the request for more time. Sun’s legal team deemed it necessary to examine the proceedings related to Judge Torres’ decision in the Ripple case, noting that the SEC has filed an interlocutory appeal against the judgment.
Hot Take: Breathing Room for Justin Sun and Tron Foundation
The judge’s decision to grant an extension provides some breathing room for Justin Sun and the Tron Foundation amidst their ongoing legal battle with the SEC. With more time to address their case and consider recent developments in similar lawsuits, Sun’s legal team can better prepare their defense. However, the final verdict still hangs in the balance as they navigate through complex legal proceedings.
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