Tron founder Justin Sun says SEC complaint lacks merit

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 regulator’s complaints were “the latest example of actions it has taken against well-known players in the blockchain and crypto space.”

He continued that the SEC’s regulatory framework was still in its “infancy and needed further development.” According to him, he is committed to working with regulatory bodies providing “transparent guidelines” 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 commission’s failure to identify the FTX fraud.

Sun added:

“We 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.”

Meanwhile, Sun suggested that the SEC’s 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.