SEC Drops Justin Sun Case As Rainberry Agrees to $10 Million Fine
Source Beincrypto
The US Securities and Exchange Commission (SEC) settled its case against Tron founder Justin Sun. Rainberry Inc., one of the companies associated with Sun, will pay a $10 million civil penalty.
The settlement ends a 3-year legal standoff that began when the SEC alleged Sun and the companies sold unregistered crypto securities to US investors.
Why it matters:
- Under the settlement, Rainberry has been permanently prohibited from breaching Section 17(a)(3) of the Securities Act.
- Furthermore, the remaining claims against Rainberry will be dismissed with prejudice, which means the charges cannot be refiled.
- The resolution clears a major regulatory overhang on Tron (TRX) and BitTorrent (BTT) trading in US markets.
The details:
- Justin Sun is the founder of the Tron blockchain network. The SEC filed charges against Sun alongside three affiliated entities, Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. (formerly BitTorrent).
- In a letter to a Manhattan federal court, the SEC moved to drop the claims against Sun, the Tron Foundation, and the BitTorrent Foundation. The settlement remains subject to the approval of the federal judge.
- Sun also confirmed the settlement on X. He expressed his eagerness to collaborate with the SEC in shaping future guidance and regulations for the cryptocurrency industry.
- The SEC originally filed the lawsuit in March 2023, alleging the unregistered sale of Tron (TRX) and BitTorrent (BTT) tokens.
The big picture:
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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