Tron Foundation Fights SEC Lawsuit Over Foreign Conduct

The Tron Foundation, the organization behind the Layer 1 blockchain network Tron, is fighting back against a securities lawsuit filed by the United States Securities and Exchange Commission (SEC). In a recent dismissal motion, the foundation argues that the SEC is overstepping its authority by applying U.S. securities laws to predominantly foreign conduct.

Key Points:
– Tron Foundation asks the SEC to dismiss the securities lawsuit against the platform.
– The foundation claims that the SEC lacks jurisdiction over foreign digital asset offerings on a global platform.
– Tron argues that the SEC’s allegations against them are tenuous and lack evidence.
– The foundation invokes the major questions doctrine to challenge the legitimacy of the lawsuit.

Tron’s motion emphasizes that the token sales were conducted overseas and were not initially offered to U.S. residents. The foundation also disputes the SEC’s claims of manipulative wash trading and celebrity endorsements, stating that there is no evidence to support these allegations.

The motion further criticizes the SEC for failing to provide detailed factual allegations and roles of each defendant in the case. Tron argues that the vague accusations force speculation and question the legitimacy of the lawsuit.

In conclusion, Tron’s formal request for dismissal has been filed, and the SEC is expected to respond in the coming weeks. Stay tuned for updates on this ongoing legal battle on Global Crypto News.