They emphasize that the court lacks personal jurisdiction over them because the alleged activities took place overseas and did not establish sufficient connections with the United States. In addition, the SEC’s accusations fail to specify the role of each defendant in the alleged misconduct and fail to demonstrate the applicability of U.S. securities laws to the transactions, citing the Supreme Court’s Morrison decision that limits the extraterritorial application of these laws.
Sun Yuchen's Lawsuit Against SEC Over Tron's Jurisdiction Denied: Lack of US Authority