Tron founder Justin Sun received a subpoena to respond to a lawsuit from the Securities and Exchange Commission. The summons was mailed to the businessman’s address in Singapore. According to the SEC, Sun lives in either Singapore or Hong Kong.
On March 22, the SEC sued Sun. The regulator accuses him of selling unregistered securities, fraud and market manipulation. The agency has also sued the Tron Foundation, BitTorrent Foundation, and BitTorrent over the sale of TRX and BTT. The SEC refers to tokens as unregistered securities. Regulators said the defendants “fraudulently manipulated” the TRX secondary market through a laundering trade scheme.
The next day, Justin responded to the SEC and stated that the lawsuit was irrelevant and the company would continue to operate. Then he declared:
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.
— HE Justin Sun 孙宇晨 (@justinsuntron) March 23, 2023
Sun also said he is looking to work with regulators around the world to set transparent rules for cryptocurrencies.