The US Securities and Exchange Commission (SEC) has taken an important step in the case against Justin Sun, one of the well-known names in the cryptocurrency world, and his companies. The institution submitted its settlement proposal to the court, which stipulated that a total fine of $ 10 million would be imposed on the Rainberry company behind the BitTorrent protocol and that all claims would be withdrawn from the case. If approved by the federal court, all claims will be completely closed and no new application can be filed against Sun.
Settlement Conditions and Approach of the Parties in the Case
In the process involving Justin Sun, Tron Foundation and BitTorrent Foundation, Rainberry company agreed to take a permanent injunction against deceptive practices to prevent similar claims from recurring in the coming period. In this settlement, Rainberry, which neither admitted nor denied the accusations, closed the process without stating that it did not violate the legal conditions in the lawsuit filed by the SEC or that it accepted it.
With this agreement, the SEC is ‘finally’ withdrawing from the case all ongoing allegations against Sun, Tron Foundation and BitTorrent Foundation. This means that no lawsuits can be filed again in the future regarding the same accusations, and Sun’s personal liability will be completely eliminated.
Justin Sun, in his statement about the development on his social media account X, stated that the settlement closed the file and that he wanted to focus on accelerating technology innovation from now on.
In his social media post, Justin Sun expressed his satisfaction that the SEC had officially withdrawn all allegations against him, and pointed out that the settlement meant an end to his career.
Background: Long-Term Legal Process and Political Transformations
In March 2023, the SEC filed a lawsuit against Sun for unregistered securities sales of TRX and BTT tokens. The institution’s claims; It involved Sun making transactions to manipulate TRX volume and secretly transferring promotional payments to celebrities such as Lindsay Lohan and Jake Paul. Six of these celebrities closed their files in 2024 with a payment of approximately $400 thousand.
The compromise in question coincided with the change in the SEC’s practices after the last presidential change in the USA. It has been reported that some Democratic members in Congress think that the pressures on crypto actors who have relations with the new administration have been relaxed. News that Sun has recently invested in World Liberty Financial tokens and participated in management-related events also attracted attention.
In the statement made by the BitTorrent Foundation, it was stated that the institution was pleased that all charges against it were dropped, and that the settlement could be the beginning of a new era for innovation in the USA.
SEC’s New Approach and Industry Impact
The $10 million fine was modest compared to the billions of dollars in damages sought in similar cases related to the crypto industry in recent years. This situation is interpreted as an indication that the SEC is prioritizing the file closing and rapid resolution policy, especially compared to the “regulation with sanctions” period in 2023.
Such developments in the crypto industry have strengthened expectations that companies that manage to meet government requirements may come out ahead in the next boom. It is anticipated that the number of compromises in which a similar solution, in which no guilt is accepted, is preferred, may increase in the coming period.
