The U.S. Securities and Exchange Commission (SEC) has moved toward a settlement agreement with Rainberry Inc., the entity formerly known as BitTorrent and owned by TRON founder Justin Sun. According to court filings, Rainberry has proposed a $10 million civil penalty to resolve allegations regarding the unregistered offer and sale of crypto asset securities, including BTT and TRX tokens. The SEC’s lawsuit, originally filed in early 2023, accused Sun and his companies of orchestrating a massive wash trading scheme to artificially inflate the market activity of these tokens while misleading investors. This proposed settlement specifically addresses the corporate liability of Rainberry, marking a significant step in the regulator’s ongoing legal pursuit of Sun’s business interests. The agreement is currently pending final approval from the presiding federal judge.
Source: SEC Moves to Settle Justin Sun Case With $10M Penalty for BitTorrent Owner
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