- The SEC is charging Justin Sun and three of his companies for unregistered securities.
- Justin Sun slammed the SEC for what he called ‘complaints that lack merit.’
- SEC’s framework for regulating digital assets is still developing and requires more work, according to Sun.
Tron’s founder, Justin Sun, has launched a scathing attack on the U.S. Securities and Exchange Commission (SEC) following the regulator’s latest civil complaint against well-known players in the blockchain and crypto space.
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 孙宇晨 (@justinsuntron) March 23, 2023
This allegedly comes amid a regulatory announcement charging Justin and three of his companies. The SEC alleges that they made an unregistered offer and sale of crypto asset securities TRX and BTT, as well as engaging in fraudulent manipulation of the secondary market.
Eight celebrities were accused by the SEC of improperly promoting TRX and/or BTT without reporting, according to sources with knowledge of the situation, underscoring the regulator’s continuous campaign against the cryptocurrency sector.
Sun, though, thinks the criticism is unfounded and has committed to creating the most decentralized financial system. Sun’s defiance in the face of the SEC’s actions raises the possibility of escalating tensions between the regulator and the cryptocurrency industry.
According to market observers, Sun’s combative statement signals that the legal dispute between the SEC and Tron may be the start of a larger war between the regulator and the whole crypto ecosystem.
Additionally, Sun said that the SEC’s framework for regulating digital assets is still developing and requires more work, suggesting that he doesn’t think the accusations against him and his enterprises are valid.
Moreover, Sun expresses his desire to work with international regulatory organizations and governing authorities that are committed to developing clear rules, given the significant role that this may play in regulating and collaborating with the bitcoin sector.