Justin Sun - Never Meant to Sell Tron and BitTorrent to US investors?

Reuters

Justin Sun, in a court filing, swore that he never meant to advertise Tron (TRX) nor BitTorrent (BTT) coins to investors in the US.

According to Justin Sun's claim, he conducted an Initial Coin Offering (ICO) entirely overseas irrespective of BitTorrent being a household name in America and Tron being the most voluminous blockchain in the globe.

Currently, BitTorrent has 621,000 followers on X and Tron has 1.5 million followers. Justin Sun has 3.5 million followers on X. All of these accounts broadcast in English mostly.

Justin Sun, also paid for American celebrity sponsorships of TRX and BTT. However, in a memorandum filed in the Southern District of New York by Justin Sun on March 28, he requested that the SEC's broad action against him and his three largest companies, Tron, BitTorrent, and Rainberry, be dismissed by a US district court judge (Rainberry is the US part-owner of BitTorrent). Sun is an individual defendant as well.

According to claims by the Securities and Exchange Commission of the United States, Justin Sun targeted advertisements and unregistered securities offerings to investors in the United States. Specifically, they sold BTT and TRX tokens via endorsements by celebrities, airdrops, giveaways, and other promotional events that targeted American media partially.

In a counterargument, Tron and BitTorrent "promote, reward, speed, and democratize content sharing, not securities offerings," according to Sun and his legal team. In their 62-page Motion to Dismiss, they argue that the tokens were wholly outside of the SEC's purview and that neither of them represents an unregistered security.

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