TRON Price Bounces as SEC Drops Lawsuit Against Founder Justin Sun
Highlights
- The TRON price recorded gains even as the broader crypto market declined.
- The rally followed news that the SEC plans to dismiss its lawsuit against Justin Sun.
- Senator Elizabeth Warren said the move reflects favoritism towards Trump's alies.
The price of TRON has seen some gains despite the overall decline in the cryptocurrency market. This comes after the news that the SEC dropped their lawsuit against Toncoin founder Justin Sun.
Justin Sun Gets Lawsuit Dismissed as TRON Price Rebounds
The US SEC has made an announcement that it will be dismissing its lawsuit against cryptocurrency billionaire Justin Sun. In addition, a company associated with him will be paying $10 million as a settlement. This is as they look to settle a series of cases related to digital assets, which were initiated by President Biden.
The news regarding the Justin Sun lawsuit caused a bump in the price of TRON, as per CoinMarketCap. The coin moved from the red zone to an increase in price to $0.2858. This is despite the fact that the price of Bitcoin is down by 3%.
Justin Sun and his companies, Tron Foundation, BitTorrent Foundation, and Rainberry have not admitted to any wrongdoing, as per a letter by the SEC. Sun has expressed how happy he is that the SEC has agreed to dismiss the charges against him.
The SEC had filed a lawsuit against Sun and his companies in March 2023 over their plan to distribute Tronix and Bittorrent, which is illegal.
The founder of Tron allegedly accumulated $31 million in ill-gotten gains through the scheme when he instructed his employees to trade hundreds of thousands of tronix tokens in two of his accounts to give the appearance that the trades were legitimate.
The SEC agreed to drop all the allegations against Justin Sun as per the proposed plan to settle the lawsuit. The lawyer representing the SEC referred to the proposed settlement as “fair and reasonable.” Rainberry will pay a civil penalty of $10 million once it is approved by the Judge.
Warren Again Accuses Trump of Bias
Immediately after the news, Senator Elizabeth Warren accused President Donald Trump of favoritism towards certain entities.
“Last month, SEC Chair Atkins denied in front of Congress that the Trump Administration is giving a free pass to crypto billionaires with ties to Donald Trump. Justin Sun poured $90 million into Trump’s crypto ventures, and today the SEC agreed to drop its case against him,” she said.
Warren also shared her issues of concern over the crypto market bill. According to the Democrat Senator, this will only promote the crypto corruption practices of the President.
Despite the lawsuit, Justin Sun had bought a number of coins belonging to the Trump family. Since then, he has returned to the US and was also invited to dinner with the President just because he bought the TRUMP coin.
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