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The U.S. Securities and Exchange Commission (SEC) has reached a settlement with the “Tron” network and its founder “Justin Sun” over a lawsuit the agency filed against the company in 2023.
According to the agreement, “Rainberry”, a company linked to the “Tron” system, will pay a fine of US$10 million and promise not to violate securities laws in the future.
All remaining claims against Justin Sun, the Tron Foundation, and the BitTorrent Foundation will also be dropped.
The agency has previously accused “Tron” of selling and distributing TRX and BTT currencies as unregistered securities, in addition to manipulating the TRX market through false trading operations (wash trading).
According to court documents, the case will be dismissed “with prejudice,” meaning the SEC will not be able to file a similar lawsuit again on the same facts.
The settlement is still awaiting approval from a federal judge.
In his comments on the issue, Justin Sun said that the agreement puts an end to the issue and emphasized that he will continue to work on innovation in the digital currency field and work with regulators to establish a clearer framework for the industry.
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