Ben Armstrong, one of the names closely followed in the crypto money market, shared his thoughts on the latest lawsuit filed by the US Securities and Exchange Commission (SEC) regulator against Justin Sun, the founder and former CEO of the Tron Foundation. The YouTuber known as BitBoy is wondering if the SEC will witch-hunt Tron’s TRX in the same way as altcoin XRP! Here are the details…
Sirens are sounding for Justin Sun and his crew! So what will happen to TRX?
Bitboy clarified on Twitter whether Justin Sun was doing a wash trade. As we previously quoted as cryptokoin.com, Bitboy was skeptical about whether to buy TRX, but always believed it would “perform well”. The name, who has not added TRX to his portfolio before, announces that he will add TRX to his portfolio with the latest events, while he wonders whether TRX will share the same fate with XRP due to the SEC.
As you may recall, after the SEC sued Ripple Labs in December 2020, several leading exchanges began delisting the popular cryptocurrency, claiming it was an unregistered security. Coinbase, Bitstamp and other platforms were among them.
According to SEC chairman Gensler, Justin Sun engaged in the illegal sale of TRX and BTT tokens and distributed them to investors, while creating secondary markets for these cryptocurrencies through the Tron Foundation and BitTorrent. He claims that Sun uses wash trading to significantly influence such secondary markets.
On the other hand, Justin Sun and his team have made an effort to announce the altcoin TRX and BTT to more users, according to the SEC. A few of these appear as payment claims made to Lindsay Lohan and other celebrities. Allegedly, Justin Sun and his team paid a few celebrities to promote Tron and BTT.
SEC ramps up activity against altcoin projects and exchanges
On the other hand, the SEC, which has been on the agenda for several months with the lawsuits it has filed against cryptocurrency exchanges and cryptocurrencies, has recently increased its actions considerably. The regulator sent Coinbase a Wells notice, which is usually served before filing a lawsuit against the buyer. Coinbase, a public exchange, has now got one. This year, the SEC investigated the Kraken exchange and sent a subpoena to SushiSwap DEX. Also, Gary Gensler stated that Ethereum could be a security, contradicting the regulator’s “decision” a few years ago that it wasn’t.
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