Summary

• Sun and Rainberry have been granted an extension until December 8, 2023, to prepare their defense against the SEC's allegations.
• The reasons for the extension include the unraveling of the Tron Foundation in April 2023 and the recent twists in the SEC's case against Ripple Labs, Inc.

In a legal drama initiated by the U.S. Securities and Exchange Commission (SEC), a court has granted Justin Sun and his brainchild, Rainberry, an extended timeline to prepare their defense. The lawsuit, which began in March 2023, has alleged that Sun's entities, including Tron and Bittorrent Foundation, offered unregistered securities to investors, violating U.S. securities regulations. The SEC has also accused Sun of manipulating TRX's market value.

The latest development in this legal saga came on September 14, 2023, when Sun and Rainberry's legal team successfully petitioned for an extension. The court has pushed the deadline for their defense to December 8, 2023, providing them with more time to "explore possible resolution of the SEC's claims."

The reasons cited for the extension include the unraveling of the Tron Foundation in April 2023, which is currently seeking revival in Singapore. Additionally, the recent twists in the SEC's case against Ripple Labs, Inc. have added complexity to Sun's situation. Sun's legal counsel deems it essential to closely follow the "proceedings related to Judge Torres' decision" and notes that the SEC has filed an interlocutory appeal against Torres' judgment.