In the case filed by the US Securities and Exchange Commission (SEC) against Tron's brainchild Justin Sun and his company Rainberry, the court approved an extended timeline for defense.
The Court Decided to Extend Time
Sun now has until Dec. 8, 2023, giving its attorneys a wider window to explore possible resolution of the SEC's claims against the defendants before litigation.
In March 2023, legal disaster erupted for Justin Sun, the Tron Foundation, the Bittorrent Foundation, and the organization known as Rainberry.
They found themselves the subject of a lawsuit filed by the US securities regulator.
The main allegation is that the quadruple organization allegedly presented TRX and BTT to investors as unregistered securities and exceeded the limits of US securities regulations.
Moreover, the SEC accused Sun of orchestrating a vast conspiracy to manipulate the market value of TRX.
Legal representation for both Sun and Rainberry asked the court for some time. In the letter addressed to Judge Edgardo Ramos, it was requested that the deadline be moved to December 8, 2023. The court found this request justified and granted additional time.
*This is not investment advice.
