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The SEC, Justin Sun and three of his companies jointly asked a US federal court to pause the regulator’s case against the crypto entrepreneur.
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The US Securities and Exchange Commission has asked a federal court to pause its case against entrepreneur Justin Sun and his crypto firm, the Tron Foundation.
In a Feb. 26 filing to a Manhattan federal court, the SEC, Sun, and three of his companies said they “jointly move to stay this case to allow the Parties to explore a potential resolution.”
“In this case, the Parties submit that it is in each of their interests to stay this matter while they consider a potential resolution,” the filing added.
The SEC and Sun asked the court to allow them 60 days to submit a joint status report if the stay is approved.
In March 2023, the SEC sued Sun and his companies, the Tron Foundation, the BitTorrent Foundation, and Rainberry, formerly known as BitTorrent.
The SEC alleged Sun and his companies sold unregistered securities through the sale of the crypto tokens Tron (TRX) and BitTorrent (BTT).
This is a developing story, and further information will be added as it becomes available.
This article first appeared at Cointelegraph.com News
