Justin Sun has clearly refuted any desire to actively endorse Tron (TRX) or BitTorrent (BTT) coins to investors in the United States, making a daring legal maneuver.
Sun claims that both Initial Coin Offerings (ICOs) were exclusively carried out abroad, despite BitTorrent’s widespread notoriety in the United States and Tron’s position as a dominant force in the global blockchain industry.
Significantly, Sun’s deliberate support of TRX and BTT by using the influence of American superstars like Austin Mahone and Soulja Boy, adds to the ambiguity around jurisdictional boundaries.
We all can sell tweets and NFTs and @justinsuntron will buy them up lol. How do I release NFTs on #TRON ?
— Soulja Boy (Draco) (@souljaboy) March 8, 2021
Sun has recently sent a memorandum to the Southern District of New York, requesting the dismissal of the SEC’s extensive litigation against him and his corporate entities, which include Tron, BitTorrent, and Rainberry.
The Securities and Exchange Commission (SEC) claims that Sun’s marketing strategies, which involved endorsements from celebrities and promotional events, deliberately focused on American investors, thereby constituting unregistered sales of securities.
Sun and his legal team, in their comprehensive 62-page Motion to Dismiss, strongly contest the SEC’s authority by emphasizing the tokens’ key role in enabling content sharing. A judicial dispute is imminent that may not only decide the future of Sun, but also potentially reshape the legislative framework concerning digital assets.
Despite the Securities and Exchange Commission’s assertions of significant financial losses amounting to tens of millions of dollars, Sun has remained steadfast in avoiding any physical presence within the United States for several years.
The legal defense argues that both Tron and BitTorrent function as platforms for facilitating content sharing, rather than being unregistered securities that fall under the supervision of the SEC.