SEC, Justin Sun reach settlement over Tron lawsuit
The SEC settled with Justin Sun and Tron, resulting in a $10 million fine for an affiliated company and dismissal of all claims against Sun.Summary
The U.S. Securities and Exchange Commission (SEC) reached a settlement with Tron and its founder, Justin Sun, regarding a 2023 lawsuit alleging securities law violations through the sale and airdropping of TRX and BTT tokens, as well as market manipulation.
Under the terms, Rainberry Inc., a company affiliated with Tron, will pay a $10 million fine and be barred from future securities regulation violations. Crucially, all remaining claims against Rainberry, Justin Sun, Tron Foundation, and BitTorrent Foundation will be dismissed with prejudice, meaning the SEC cannot refile similar claims.
The proposed settlement is subject to approval by a federal judge. The article notes that the SEC paused this case, alongside many others against crypto firms, after a change in political administration.
(Source：CoinDesk)