Summary
- The SEC announced they are reviewing potential settlement possibilities while requesting the court to halt the civil lawsuit against Justin Sun.
- The SEC had previously claimed that Sun deceived investors through fraud charges related to unregistered securities.
- While specific settlement terms haven't been disclosed, the request to halt the lawsuit marks a significant development.
The U.S. Securities and Exchange Commission (SEC) has requested the court to halt its civil fraud lawsuit against Justin Sun, founder of TRON (TRX).
On the 26th (local time), the SEC filed documents with the Manhattan Federal Court in New York containing this request, stating that they are reviewing the possibility of a potential settlement with Sun.
Previously in March last year, the SEC filed a lawsuit claiming that Sun illegally sold unregistered securities TRX and BitTorrent (BTT), and deceived investors through promotion using prominent influencers.
The SEC also pointed out that Sun and his companies engaged in wash trading, repeatedly trading large amounts of virtual assets to manipulate the prices of TRX and BTT. Celebrities like Lindsay Lohan and Jake Paul allegedly failed to properly provide legal disclosures while promoting unregistered securities.
Meanwhile, the specific terms of settlement being discussed between the SEC and Sun's side have not been disclosed.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
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