Tron (CRYPTO: TRX) founder Justin Sun said Thursday the SEC has dismissed the claims it brought against him and his companies for fraud and market manipulation.
Sun Says ‘Future Is Bright’
Sun stated in an X post that the resolution provides “closure,” and he will now prioritize “accelerating innovation” in the U.S. while collaborating with the SEC on cryptocurrency guidance and regulations.
“The future is bright,” the cryptocurrency billionaire said.
Sun’s Firm To Pay $10 Million In Penalty
In the final ruling from the U.S. District Court for the Southern District of New York, all charges against Sun, Tron Foundation Limited and BitTorrent Foundation Ltd. were dismissed. Separately, Rainberry, Inc. reached a $10 million settlement on certain claims.
The court said that Sun and his firms neither admitted nor denied the claims brought against them.
The SEC didn’t immediately return Benzinga’s request for comment.
Sun Gets Relief In Trump Era
The SEC filed a lawsuit against Sun and his companies in 2023 for the unregistered offer and sale of crypto asset securities and market manipulation through wash trading.
However, after President Donald Trump assumed office, both parties—Sun and the SEC—requested a 60-day stay in the proceedings to explore a potential resolution.
Notably, Sun is a leading investor and advisor at World Liberty Financial, the decentralized finance platform backed by the Trump family. The Chinese-born entrepreneur was also among the high-profile guests at the gala dinner hosted by Trump for holders of his Official Trump (CRYPTO: TRUMP) memecoin.
Price Action: At the time of writing, TRX was exchanging hands at $0.2851, down 0.73% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Tada Images on Shutterstock.com
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