The United States Stock Exchange and Securities Commission, the Tron and Justin Sun Foundation presented a joint motion on Wednesday asking a federal judge to stop the current case of the Securities Regulator against the cryptographic entrepreneur and his company.
The motion is similar to the motions presented in the ongoing cases of the SEC against Coinbase and Binance. In both cases, the parties said they were working towards a “potential resolution” of their cases. The CEO of Coinbase, Brian Armstrong, said last week that the SEC agreed to withdraw its case against the exchange directly, pending approval of the commissioner.
“In this case, the parties claim that it is one of their interests to maintain this matter, while considering a potential resolution and agree that any part or not partial would be harmed by a stay,” said Wednesday’s presentation. “In addition, a suspension is in the interest of the Court and the public because a resolution would retain judicial resources by ignoring the need for the court to resolve the pending motion of the accused to dismiss the complaint.”
The SEC sued Tron, Sun and Bittorrent in July 2023, claiming that the defendants participated in the manipulation of the market, fraud and issued unregistered values.
Sun tried to inflate the volume of Token Trx through the washing trade, the sec alleged at that time. The regulator said that the employees of the Tron Foundation carried out more than 600,000 washing operations.
The judge of the District Court Edgardo Ramos, who supervises the case, denied the effort of the SEC to force Tron to present an additional response in the motions prior to the trial. Tron filed a motion to dismiss the demand directly last year.
Sun is an advisor to World Liberty Financial, a company affiliated with the president of the United States, Donald Trump, after buying $ 30 million in the company’s Wlfi tokens. World Liberty, meanwhile, bought Trx Token from Tron as part of his Treasure Token.
Read more: founder of Trump’s World Liberty Financial Credits by Justin Sun for the success of the project