Tron, the layer-1 blockchain project, is making waves beyond the realm of technology, as it battles the United States Securities and Exchange Commission (SEC) in a New York federal court. In a bold move, Tron has requested the dismissal of the SEC’s lawsuit, asserting that the regulator lacks jurisdiction over what it deems as predominantly foreign transactions.
The crux of Tron’s argument lies in the assertion that the SEC’s attempt to apply U.S. securities laws to foreign digital asset offerings on global platforms exceeds its authority. The foundation contends that the tokens in question were sold exclusively overseas, with meticulous efforts made to evade the U.S. market. Furthermore, Tron challenges the SEC’s classification of the tokens as unregistered securities, citing deficiencies in the SEC’s claims and questioning the applicability of the Howey test.
Moreover, Tron challenges the SEC’s allegations of manipulative trading practices and celebrity endorsements, arguing that the SEC fails to provide concrete evidence of wrongdoing. Tron emphasizes the absence of specific victims and points out the lack of detailed factual allegations in the SEC’s case.
Tron’s dismissal motion underscores broader tensions between regulatory bodies and the burgeoning cryptocurrency industry. As the SEC prepares its response, the outcome of this legal skirmish could set significant precedents for the future of crypto regulation in the United States.
Tron’s Price Stability: $0.11 – $0.13 Range
TRON, the altcoin, recently faced a downturn slipping below the $0.11 support level, only to stabilize in a range between $0.11 and $0.13. Despite a rebound from $0.144, buyers struggled to maintain momentum above $0.148, a historical resistance point from May 10, 2021.
Bulls eye breaking through this barrier to revive the bullish trend, aiming for highs beyond $0.15. Currently valued at $0.1193, TRX is in a holding pattern within the $0.11 to $0.13 range, awaiting a decisive trend.
With the live TRX price standing at $0.122351 per (TRX / USD), and a market cap of $10.73 billion USD, the 24-hour trading volume registers at $236.23 million USD. TRX shows a positive 1.43% change in the last 24 hours, with a circulating supply of 87.74 billion. Investors keenly watch for the next move, as TRX’s fate hinges on breaking key resistance levels.