There is a new development in the cryptocurrency world today. There is a decision from the court regarding the development regarding Altcoin Tron and its CEO. Accordingly, Justin Sun was given more time in the SEC’s Tron case. Let’s look at the details together.
Judge grants deadline extension in SEC case regarding Altcoin Tron
There is a new turn in Justin Sun, Tron Foundation, Bittorrent Foundation and Rainberry’s legal fight against the US Securities and Exchange Commission (SEC). A recent court decision extends the defense period. Accordingly, he gave Justin Sun and his legal team until December 8, 2023 to investigate possible solutions before filing a lawsuit.
When we look at it as Kriptokoin.com, a legal storm is actually starting. In March 2023, a legal storm hit Justin Sun and the organizations in question, with the SEC filing a lawsuit against them. The main allegation in the case is that these organizations are offering TRX and BTT tokens to investors as unregistered securities. Thus, they were in violation of US securities regulations. The SEC also accused Justin Sun of orchestrating a scheme to manipulate the market value of the altcoin TRX. The Sun’s legal team requested an extension in a court order dated September 14, 2023, which was granted by judge Edgardo Ramos. The extended deadline is now 76 days later, on December 8, 2023.
Reasons for extension
Sun’s legal counsel argued for the extension based on two important reasons. First, the Tron Foundation faced a major development when it dissolved in April 2023. Accordingly, it is currently seeking a revival in Singapore. Second, SEC v. Ripple Labs, Inc. Recent events in the legal battle between Sun’s legal team believes it is crucial to review the “proceedings related to Judge Torres’ decision,” as stated in their correspondence. However, it notes that the SEC has filed a provisional appeal against Torres’ decision. It should also be noted that the final decision for the altcoin Ripple XRP remains uncertain.
This extension to the legal timeline has significance. Accordingly, Justin helps Sun and his legal team navigate the complexities of the case. It also gives them time to research possible solutions before proceeding with the official petition application. The outcome of this case will undoubtedly be followed closely by the altcoin community and legal experts. On the other hand, developments mean negativity for both altcoins. This situation prevents investor entry into both cryptocurrencies.
