SEC Drops Lawsuit Against Justin Sun, Rainberry to Pay $10 Million Fine

Odaily News: The U.S. Securities and Exchange Commission (SEC) will drop its lawsuit against crypto industry figure Justin Sun. The SEC sued Justin Sun in 2023, alleging that he sold unregistered securities through the Tron Foundation, BitTorrent Foundation Ltd., and Rainberry Inc., which he controlled, and artificially inflated Tronix trading volume by directing employees to conduct over 600,000 wash trades between accounts under his control.

According to the settlement, the SEC will drop all charges against Justin Sun. Rainberry has agreed to pay a $10 million civil penalty without admitting or denying the allegations. This settlement still requires judicial approval. Justin Sun posted on platform X, expressing that he is "very pleased" with the SEC's decision to drop the lawsuit.

Since Trump's return to the White House, the SEC has dropped or suspended at least a dozen cases against crypto companies, including previous lawsuits against Coinbase and Binance.