Justin Sun, the founder of Tron Foundation, responded to a Securities and Exchange Commission complaint which states that he was allegedly engaging in “manipulative trading and unlawful promotion of crypto asset securities.”
What Happened: Sun, in a tweet on Wednesday, said the SEC’s civil complaint is the “latest example of actions it has taken against well-known players in the blockchain and crypto space.”
He said, “We believe the complaint lacks merit.”
In a court filing on Wednesday, the SEC named Sun, the Tron Foundation and the BitTorrent Foundation, as well as Rainberry, in connection with the offer and sale of Tron (CRYPTO: TRX) and BitTorrent (CRYPTO: BTT).
The SEC also alleged that Sun had engaged in “manipulative wash trading practices”, using celebrities to drive public interest in the tokens.
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Sun defended himself by citing the example of Dominica, who recently adopted TRX and BTT as legal tender. “It is no secret that the SEC’s regulatory framework for digital assets is still in its infancy and is in need of further development,” he added.
The SEC’s civil complaint earlier today is just the latest example of actions it has taken against well known players in the blockchain and crypto space. We believe the complaint lacks merit, and in the meantime will continue building the most decentralized financial system.
— H.E. Justin Sun å™å®‡æ™¨ (@justinsuntron) March 23, 2023
Price Action: At the time of writing, TRX was trading at $0.060, down 9.60% in the last 24 hours, according to Benzinga Pro.
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