Sun Yuchen should be regulated if he intends to operate long-term in the US

Ritu77

On April 17th, the U.S. Securities and Exchange Commission (SEC) once again submitted a revised complaint to the court regarding the lawsuit against Sun Yuchen, the founder of the public blockchain Tron. The modifications in this submission emphasize Sun Yuchen's extensive activities in the United States, using this as a basis, the SEC claims jurisdiction over Sun Yuchen and his enterprises, countering Sun Yuchen's request last month for the court to dismiss the lawsuit.

Many of you are probably familiar with Sun Yuchen. He is the founder of Tron. In March last year, the SEC filed a lawsuit against him, as well as related entities such as the Tron Foundation, BitTorrent Foundation, and BitTorrent (now called Rainberry), accusing them of selling unregistered securities and market manipulation through fraudulent means.

The revised complaint submitted by the SEC asserts their authority over Sun Yuchen, Tron, and two other companies for engaging in purposeful business activities in the United States, particularly during business trips to New York, Boston, and San Francisco. The SEC stated that Sun Yuchen stayed in the United States for more than 380 days from 2017 to 2019.

Additionally, the SEC accuses Sun Yuchen of money laundering transactions on the cryptocurrency exchange Bittrex in Seattle, and conducting unregistered securities sales and manipulative money laundering transactions through Tron and BitTorrent tokens. A report at the end of November last year indicated that Tron was listed by Israel and the United States as one of the blockchains used to raise funds for terrorist organizations.

Data from cryptocurrency wallets seized by the Israeli security agency since 2021 shows that due to Tron's faster transaction speed and lower transaction fees compared to the Bitcoin network, TRON is favored by terrorist organizations. These accusations and investigations highlight the SEC's continued scrutiny of the cryptocurrency market and its firm crackdown on potential illegal activities in this industry.

Samiksha

The accusations made by the SEC aren't entirely baseless; unless he can prove the security of Tron himself to refute them.

Sona59

It seems to be quite risky as well.