The SEC vs. Justin Sun case on possible Tron (TRX) market manipulation has seen a new development after the presiding judge granted a defense extension till December 8, 2023, to explore possible resolution before motion practice.
Justin Sun’s legal team gets more time to explore possible resolutions with the SEC
The Securities and Exchange Commission’s (SEC) case against Tron Network’s Justin Sun kickstarted in March 2023 as the regulator alleged that Sun, Tron Foundation, BitTorrent Foundation, and a company named Rainberry had illegally exposed investors to Tron (TRX) and BitTorrent (BTT) tokens as unregistered securities.
The commission added that Sun was plotting to manipulate the market prices of Tron tokens (TRX). In a court order dated September 14, 2023, Sun and Rainberry’s legal defense teams asked the court to give them more time to find an amicable resolution to the debacle, which Judge Edgardo Ramos granted.
This development is not new in complex legal cases, especially where out-of-court settlements and resolutions could be reached. The defendants and the prosecution will now have time to discuss their differences and develop a mutual agreement that will benefit both.
It will also provide more time for further investigations to be carried out, defining more clearly who is in the wrong if court proceedings resume. While the specifics of the case remain confidential, the crypto industry will be keenly watching this case as it is part of a broader effort by the SEC to regulate crypto assets it sees as securities. Keep watching Fintech Express for more updates on this and other fintech related developments.