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The SEC has dropped the lawsuit against Justin Sun, and Rainberry will pay a $10 million fine
The U.S. Securities and Exchange Commission (SEC) will withdraw its lawsuit against cryptocurrency figure Justin Sun. The SEC sued Justin Sun in 2023, accusing him of selling unregistered securities through his controlled entities, Tron Foundation, BitTorrent Foundation Ltd., and Rainberry Inc., and artificially inflating Tronix trading volume by instructing employees to conduct over 600,000 wash trades between accounts under his control.
Under the settlement agreement, the SEC will dismiss all charges against Justin Sun, and Rainberry has agreed to pay a $10 million civil penalty without admitting or denying the related allegations, pending judicial approval of the settlement. Justin Sun expressed that he is "very pleased" with the SEC's dismissal in a post on the X platform. Since Trump's return to the White House, the SEC has withdrawn or suspended at least a dozen cases against cryptocurrency companies, including previous lawsuits against Coinbase and Binance.
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