The U.S. Securities and Exchange Commission reached a settlement with Tron and its founder Justin Sun on Thursday, the U.S. Securities and Exchange Commission said in a court filing.
Under the terms of the settlement, Rainberry Inc., one of the companies associated with the Tron network, will pay a $10 million fine and be prohibited from violating securities regulations in the future. The U.S. Securities and Exchange Commission (SEC) sued Sun and Tron in 2023, accusing them of violating federal securities laws by selling and airdropping TRX.
“The remaining claims against Rainberry will be dismissed with prejudice,” the filing said. “The final judgment will also dismiss all claims against Justin Sun, the Tron Foundation, and the BitTorrent Foundation.”
Prejudice means the SEC will not be able to file similar lawsuits for the same conduct in the future.
“The Commission has reviewed and approved the terms of the settlement, as reflected in the Consent and the proposed final judgment. Rainberry, Justin Sun, the Tron Foundation and the BitTorrent Foundation have agreed to accept the final judgment,” the filing said.
The proposed settlement still awaits approval by a federal judge.
At the time, the SEC, under the leadership of former Chairman Gary Gensler, filed a series of lawsuits against cryptocurrency companies.
The SEC dropped most of its cases after President Donald Trump returned to office last January, largely led by Acting Chairman Commissioner Mark Uyeda. The committee is now led by Chairman Paul Atkins.
Following Trump’s re-election in 2024, Sun purchased approximately $80 million worth of World Liberty Financial tokens (WLFI) – tokens pegged to companies partially owned by Trump and his family. The SEC’s case against Sun was suspended last year, while the agency has filed numerous other cases against cryptocurrency companies.
