SEC Takes Action in Justin Sun’s Legal Battle, Signaling Potential Resolution – BitRss

The U.S. Securities and Exchange Commission (SEC) has filed for a stay in the lawsuit against billionaire Justin Sun, founder of Tron. In the relevant documents, both Sun and the regulatory body expressed a mutual interest in pausing the case to explore potential resolutions.

Legal Proceedings and Allegations

In 2023, Sun faced allegations of fraud alongside cryptocurrency firms, including unregistered securities sales and manipulation of cryptocurrency asset prices. Reports indicated that Sun had invested millions in former U.S. President Donald Trump’s decentralized finance platform that same year. The filings suggested that a stay in proceedings would allow for more efficient use of judicial resources.

U.S. District Judge Edgardo Ramos approved the request for a stay. This decision was made to support efforts to seek resolution without disrupting current court processes. It is believed that this development could influence the trajectory of the legal proceedings.

“Both parties stated that pausing this matter would benefit them, support resolution efforts, and prevent harm to either s…