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Tron Foundation has become a target of the United States Securities and Exchange Commission (SEC). However, this time Tron did not remain silent and displayed a determined stance in federal court. From this perspective, it seems a new legal battle is about to begin. So, what are Tron’s countermeasures at this stage?
Tron Aims to Invalidate SEC’s Allegations
The Tron Foundation has filed a motion in New York federal court to dismiss the SEC’s allegations. In the motion to dismiss submitted on March 28th, Tron’s representatives emphasized that the SEC does not have jurisdiction over “foreign digital asset offerings to foreign buyers on global platforms.” Moreover, they characterized the attempt to apply U.S. securities laws in such a broad scope as an “overreach.”
At the heart of the case, the SEC is targeting Tron and associated platforms, especially BitTorrent, which was acquired in 2018. The SEC claims that TRX and BitTorrent (BTT) tokens are unregistered securities offerings.
However, Singapore-based Tron, in its petition, argued that the SEC’s authority cannot be so extensive on global platforms. Furthermore, Tron pointed out that its tokens were specifically sold outside the U.S. to avoid the American market, and the SEC has not been able to prove otherwise.
Notable Points in Tron’s Defense
A notable point in Tron’s defense was the SEC’s failure to present concrete evidence to support its claims. For instance, despite alleging fraud, the SEC does not mention a single victim or victim statement. Tron also raised concerns that the SEC did not detail the role of each defendant and often relied on speculation.
This case is not only a significant milestone for the Tron Foundation but also for the future of the cryptocurrency world. As other cryptocurrency exchanges like Kraken and Coinbase have referenced in their dismissal proposals, this case could play a decisive role in the regulation of the cryptocurrency world.
At this point, the Tron Foundation’s firm stance against the SEC is bringing a global debate to court and could be a crucial step in shaping the future of the cryptocurrency world. The outcome of this case could be decisive not only for Tron but for the entire crypto community.
