Posted:
- Tron noted positive price development despite ongoing legal battles between founder Justin Sun and the SEC.
- Tron was granted an extension in the case, citing changes at the Foundation and the relevance of the Ripple case.
Despite the recent bearish sentiment gripping the cryptocurrency markets, Tron remains [TRX] has shown a surprising price increase in recent days. The token’s rise was unaffected by the regulatory burden on the Tron Foundation.
Realistic or not, here is the market cap of TRX in terms of BTC
Looking at the legal side
For context, in March 2023, a storm of legal trouble descended on Justin Sun, the Tron Foundation, the Bittorrent Foundation, and Rainberry, an associated entity.
The US Securities and Exchange Commission (SEC) has filed a lawsuit against them. The SEC alleged that they offered TRX and BTT tokens to investors without proper registration, thereby violating U.S. securities regulations.
One of the latest developments in this legal saga is a extension of the timeline for the defense. A court order dated September 14, 2023 granted a request for more time from Sun and Rainberry’s legal team. They successfully argued that additional time was needed due to two key factors.
First, by April 2023, the Tron Foundation had undergone substantial changes and was rejuvenating itself in Singapore.
Second, the recent developments in the SEC’s case against Ripple Labs were seen as relevant to Tron’s situation. Sun’s legal representatives believed that it was critical to closely examine the proceedings surrounding Judge Torres’ decision in the Ripple case.
The letter to Judge Edgardo Ramos, who presided over Tron’s case, specifically stated that the SEC had filed a preliminary appeal of Torres’ sentence, further complicating the situation.
The result of this plea for a longer timeline is a new deadline set for December 8, 2023, giving the defense approximately 76 days to prepare.
State of affairs of TRX
While this legal battle continues, TRX’s market performance has been on a relatively positive trend. At the time of writing, TRX was trading at $0.084.
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However, it is worth noting that despite the price increases, TRX’s social mentions have fallen by 32.4% and social engagement on the token has decreased by 7.2%.
On the plus side, TRX’s weighted sentiment, a measure of social market sentiment, continued to rise. This suggested that despite the legal challenges and market fluctuations, positive sentiment around TRX remains among traders and investors.
Source: Santiment