Tron asked for the SEC’s suit to be dismissed, saying it has no authority over “foreign digital asset offerings to foreign purchasers on global platforms.”
The entity behind layer-1 blockchain Tron has asked a New York federal court to dismiss a United States Securities and Exchange Commission lawsuit against it, arguing the U.S. regulator targeting “predominantly foreign conduct.”
“The SEC is not a worldwide regulator,” and its effort to apply U.S. security laws to “predominantly foreign conduct” goes “too far,” the Tron Foundation said in a March 28 dismissal motion in a New York federal court.
Last March, the SEC sued Sun, the Tron Foundation, file-sharing platform backers the BitTorrent Foundation and its San Francisco-based parent firm Rainberry Inc. — the latter two Tron acquired in 2018 — alleging it sale of Tron (TRX) and BitTorrent (BTT) tokens are unregistered securities offerings.
