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Tron (TRX) founder Justin Sun said the U.S. Securities and Exchange Commission (SEC) charges against him lacked merit.
In a March 23 Twitter thread, Sun said the financial regulatorâs complaints were âthe latest example of actions it has taken against well-known players in the blockchain and crypto space.â
He continued that the SECâs regulatory framework was still in its âinfancy and needed further development.â According to him, he is committed to working with regulatory bodies providing âtransparent guidelinesâ for the nascent crypto industry.
Several crypto stakeholders had previously accused the financial regulator of cozying up with malicious players while going after the good players. Several community members have highlighted the commissionâs failure to identify the FTX fraud.
Sun added:
âWe are eager to collaborate with governments and regulatory bodies globally that are dedicated to establishing transparent guidelines for regulating and working with the cryptocurrency industry given the important role it can play.â
Meanwhile, Sun suggested that the SECâs claim that TRX and BitTorrent (BTT) sales constituted unregistered securities offerings was false. According to him, these assets were recently adopted as legal tender in Dominica.
On March 22, the SEC filed lawsuits against Sun and his companies, alleging they were engaged in fraud through wash trading. The financial regulator also alleged that Sun and his companies paid several celebrities to promote the tokens without disclosure.
Following the news, BTT and TRX dumped by 1.67% and 7.62% to $0.00000061 and $0.06204, respectively in the last 24 hours, according to CryptoSlate data.
The post Tron founder Justin Sun says SEC complaint lacks merit appeared first on CryptoSlate.
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