Clock Ticks Slower for Justin Sun and Rainberry: Court Grants Extension Amid SEC Allegations
In the lawsuit pitched by the U.S. Securities and Exchange Commission (SEC) against Tron’s brainchild, Justin Sun, and his enterprise Rainberry, a judicial nod has been granted for an extended timeline for the defense. Sun now has until December 8, 2023, giving his attorneys a broader window to “explore possible resolution of the SEC’s claims against defendants before motion practice.”
Sun’s Legal Horizon Extended: Judge Gives Breathing Room in SEC’s Tron-Related Suit
In March 2023, a legal storm brewed for Justin Sun, the Tron Foundation, the Bittorrent Foundation, and the entity known as Rainberry. They found themselves on the receiving end of a lawsuit from the U.S. securities watchdog. The core allegation? The quartet of entities allegedly dangled TRX and BTT before investors as unregistered securities, crossing the line of U.S. securities regulations.
Further, the SEC cast Sun in a shadowy light, accusing him of masterminding a vast plot to manipulate TRX’s market value. As of a court order stamped September 14, 2023, both Sun and Rainberry’s legal representation sought some breathing room from the court, a plea to which the judge granted. Addressed to judge Edgardo Ramos, the letter proposes pushing the deadline to December 8, 2023, precisely 76 days away. Advocating for the change, Sun’s legal counsel contends “there is good cause for the extension.”
The two reasons for the rescheduling? Firstly, the Tron Foundation unraveled in April 2023 and is now in the midst of seeking a revival in Singapore. Another catalyst is the recent turn of events in the SEC vs. Ripple Labs, Inc. courtroom battle. Sun’s legal brigade finds it imperative to delve into the “proceedings related to judge Torres’ decision,” as outlined in the correspondence. The note, however, doesn’t shy away from mentioning that the SEC has lodged an interlocutory appeal against Torres’ judgment, with the final verdict still in the balance.
What do you think about the SEC lawsuit against Justin Sun, Tron, and the Bittorrent Foundation? What do you think about the latest delay in the case? Share your thoughts and opinions about this subject in the comments section below.