SEC lawsuit versus Justin Sun and his companies goes too far, says Tron Foundation. TRX and BTT fail the Howey Test, argues Tron. Tron accounts for about 45% of illicit crypto transactions in 2023, according to a report from TRM Labs. Tron foundation submitted a 62-page document to a New York federal court on March 28, aiming to refute claims made by the Security and Exchange Commission in a subpoena earlier issued to Justin Sun, the Tron Foundation, and other affiliated entities.
The SEC had previously accused Justin Sun and associated companies of orchestrating the unregistered offer and sale, manipulative trading, and unlawful promotion of crypto asset securities. However, Tron asserts that the SEC did not allege the sale of the tokens, TRX's ICO and BTT's IEO to any US person or account, thereby placing them outside the regulatory purview of the Commission. Regarding the allegations of manipulative wash trading against Mr.