According to the latest information, the Tron Foundation has requested a stay of proceedings in SDNY “to allow the parties to explore a possible resolution.” Justin Sun and the SEC are working to resolve their fraud case.
Following the development, the Tron (TRX) price reacted positively.
The SEC filed a lawsuit against Sun and his companies, the Tron Foundation, BitTorrent Foundation, and Rainberry, in March 2023, accusing them of schemes to distribute billions of dollars in crypto assets to others.
In a letter to U.S. District Judge Edgardo Ramos in Manhattan, lawyers for Sun and the SEC asked that the case be put on hold, citing the interests of both parties and the public. They offered to file a status report 60 days after the stay.
*This is not investment advice.
