On March 6, the U.S. District Court for the Southern District of New York issued a final ruling on Thursday, in which the U.S. Securities and Exchange Commission (SEC) dropped the 2023 charges brought against Tron founder Justin Sun, the Tron Foundation, and the BitTorrent Foundation. Previously, Rainberry (formerly BitTorrent Inc.), a company associated with Justin Sun, which developed the BitTorrent protocol and the BTT cryptocurrency token, was ordered to pay a $10 million civil penalty to the SEC. The SEC also accused Justin Sun and three related companies of failing to register the sale of securities containing TRX and BTT tokens.
Under the settlement agreement, the SEC will drop all charges against Justin Sun, and Rainberry has agreed to pay a $10 million civil penalty without admitting or denying the charges. The settlement is still subject to judge approval. Justin Sun posted on the X platform that he was "very pleased" with the SEC's decision to drop the charges.
Since Trump returned 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.
