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The US Securities and Exchange Commission (SEC) is deliberating its case against TRON founder Justin Sun to find a middle ground that benefits both parties and the public.
The case, filed in March 2023, accused Sun of illegally distributing Tronix (TRX) and BitTorrent (BTT) while inflating the TRX trading volume.
On 26 February 2025, attorneys for Sun and the SEC requested a 60-day pause in the case in a letter sent to US District Judge Edgardo Ramos.
The SEC has just agreed to Pause the Tron Foundation lawsuit and are asking the judge for 60 days to resolve it. #AnotherOne
This lawsuit involved not ONLY allegations of sale of unregistered securities, but also fraud allegations (market manipulation) and illegal payments to…
— Jeremy Hogan (@attorneyjeremy1) February 26, 2025
The Gary Gensler led SEC accused Sun of selling TRX and BTT tokens as unregistered investments through bounty programs.
Furthermore, the SEC accused Sun of wash trading TRX from April 2018 to February 2019 by orchestrating over 600,000 trades, using two trading accounts to fabricate market activity. Sun’s employees executed these trades with 4.5 million to 7.4 million TRX daily. Sun also allegedly provided a significant supply of TRX and made $31 million from selling TRX in the secondary market.
Finally, the SEC also accused Sun of hiring several high-profile celebrities to push TRX without disclosing compensation. The agency charged eight celebrities, including Lindsay Lohan, Akon, and Austin Mahone, for promoting TRX and/or BTT without disclosing payments received.
SEC Concludes Probe Into Robinhood’s Transactions
The stay in TRON’s case comes in as the SEC officially concluded its investigation into Robinhood’s crypto activities as well. The regulatory agency has not taken any enforcement action against the fintech company.
On 24 February 2025, Robinhood revealed that the SEC’s Enforcement Division had dropped its probe into the alleged violations of security laws following the May 2024 Wells Notice.
The SEC closing its investigation into Robinhood Crypto is a win for justice and the rule of law. Now, it’s time to focus on pro-innovation policies that unlock the full potential of digital assets in America. pic.twitter.com/ptKm1qGrsp
— Vlad Tenev (@vladtenev) February 24, 2025
The crypto community closely monitored the result of this investigation after it went viral. Over the last ten months, it has been hotly debated whether crypto traded on the Robinhood platform should be considered securities and subjected to a stricter regulatory oversight under …
Continue reading: [SEC Drops TRON And Robinhood Investigation](https://99bitcoins.com/news/sec-drops-tron-and-robinhood-investigation-signaling-regulatory-shift)
