TRON Foundation and Justin Sun claim SEC lack jurisdiction over foreign defendants
TRON Foundation and Justin Sun lead other co-accused to challenge SEC’s jurisdiction in lawsuit. The defendants argue SEC lacks authority over foreign conduct and they seek dismissal. The defendants have filed a motion invoking the major questions doctrine. The TRON Foundation, led by founder Justin Sun, has filed a motion to dismiss a lawsuit brought by the U.S. Securities and Exchange Commission (SEC). In the motion, the defendants argue that SEC’s attempt to extend U.S. securities laws to predominantly foreign conduct lacks legal grounds. They emphasize that SEC’s regulatory reach does not extend worldwide, especially concerning activities conducted outside the United States. The defendants, including TRON Foundation, Tron founder Justin Sun, BitTorrent Foundation, and Rainberry, assert that the SEC’s claims lack merit and should be dismissed. Despite Rainberry’s California registration, the defendants argue that the SEC...