New York judge dismisses SEC’s claim in lawsuit against Tron Foundation and Justin Sun. In this video, let’s go deeper into this topic
In a recent development, a New York judge denied the SEC’s request to hold a pretrial conference or file additional responses in the ongoing securities fraud lawsuit against the Tron Foundation and its investors. founder Justin Sun.
The SEC has accused Tron defendants of making a new argument regarding the “common enterprise” element of the Howey Test – the method used to determine whether a transaction qualifies as an investment contract. private or not – after the defendants have filed a motion to dismiss the lawsuit. This factor plays an important role in determining whether the sale of TRX and BTT should be classified as an investment contract.
Tron’s legal team responded by accusing the SEC of trying to create a non-existent controversy and asked the court to dismiss the SEC’s request to submit additional documents. They argued that the SEC’s requirement to file a sur-reply (a response document filed after the parties have filed the primary and secondary response documents) on the new matter was unnecessary and would only increase the problems.
Judge Edgardo Ramos of the Southern District of New York agreed with Tron’s argument, ruling that because the defendants had admitted not challenging the “joint enterprise” element of the Howey Test, it was not necessary to accept the SEC’s request for sur-reply. Therefore, the SEC’s request was denied.
This ruling reflects the court’s view that the issues relating to the “common enterprise” element of the Howey Test have been resolved and that there is no need to submit further documents on this particular issue.
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