Sun Yuchen’s Application Rejected: Lack of Jurisdiction over Tron by the SEC in the United States

They emphasize that the court lacks personal jurisdiction over them because the alleged activities took place overseas and did not establish sufficient connection with the United States. In addition, the SEC’s allegations did not specifically state the role of each defendant in the alleged misconduct and failed to demonstrate the applicability of US securities laws to the transactions, citing the Supreme Court’s Morrison decision, which limits the extraterritorial application of these laws.