In a bold legal move, the Tron Foundation has filed a petition in a New York federal court to have the SEC lawsuit against them dismissed. Tron argues that the SEC is overstepping its jurisdiction by trying to enforce US securities laws on foreign activities. The organization has emphasized that the SEC lacks international regulatory authority in this matter.

The lawsuit, which was filed last March, alleges that Tron founder Justin Sun, the Tron Foundation, and the BitTorrent Foundation were involved in conducting unregistered securities offerings through the sale of TRX and BTT tokens. Tron, based in Singapore, asserts that these tokens are sold exclusively overseas and not marketed to US residents.

Tron has strongly contested the SEC's claims of unregistered securities and celebrity endorsements, stating that the SEC has not provided sufficient evidence of any wrongdoing. The Foundation also criticizes the lawsuit for lacking specific factual allegations and relying on generalizations to support its claims. Tron argues that the SEC's lawsuit should be dismissed under the material questions doctrine.

*Please note that this information is not intended as investment advice.