TechFlow news, on February 27, according to CoinDesk, the U.S. Securities and Exchange Commission (SEC), Tron Foundation, and Justin Sun jointly filed a motion with the court requesting a stay of the lawsuit initiated by the SEC in July 2023, allowing the parties to "consider potential resolutions."
This motion is similar to those previously submitted by the SEC in its lawsuits against Coinbase and Binance. The filing states: "The parties believe that a stay of this action during consideration of potential resolutions serves their respective interests and will not prejudice any party or non-party. Moreover, a stay serves the interests of the court and the public because a resolution would conserve judicial resources by eliminating the need for the court to rule on the defendants’ pending motions to dismiss."
The SEC had previously accused Tron, Justin Sun, and BitTorrent of involvement in market manipulation, fraud, and issuing unregistered securities. The regulator alleged that Sun attempted to inflate trading volume of the TRX token through wash trading, with Tron Foundation employees conducting over 600,000 such transactions. The presiding district court judge, Edgardo Ramos, previously rejected the SEC's effort to compel Tron to provide additional responses in pre-motion proceedings.
