For the sale of tronix (TRX) and bitTorrent (BTT) tokens since August 2017, the US Securities and Exchange Commission (SEC) has launched a complaint against Justin Sun, the founder of Tron, as well as the Tron Foundation, the BitTorrent Foundation, and BitTorrent. Justin Sun has been charged with fraud, marketing unregistered securities, and market manipulation. The SEC claims that these tokens are unregistered crypto asset securities.
Sun's reaction was that the complaint was without substance and that the business will keep working to create the most decentralized financial system possible.
The SEC’s civil complaint earlier today is just the latest example of actions it has taken against well known players in the blockchain and crypto space. We believe the complaint lacks merit, and in the meantime will continue building the most decentralized financial system.
— H.E. Justin Sun å™å®‡æ™¨ (@justinsuntron) March 23, 2023
He said that additional development is necessary for the regulatory framework for digital assets, which is still in its infancy. Given its significance, establishing open norms for governing and cooperating with the crypto currency business requires international cooperation with governments and regulatory authorities.
In response to his post, it was claimed that other regulatory agencies are also struggling to control the crypto industry. The rate of technology advancement and the appearance of new financial instruments is something that governments and regulatory organizations all over the world are finding difficult to keep up with. Cryptocurrencies undoubtedly have the power to revolutionize the banking sector. But, it is also obvious that in order to safeguard investors and uphold the integrity of financial markets, they must be properly regulated.
