Lawmakers question SEC over halted case against Tron founder
Democratic lawmakers are urging U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins to provide information regarding the closure of investigations or the termination of enforcement actions in “at least a dozen crypto-related cases,” singling out the case involving Tron founder Justin Sun.
In a letter sent to Atkins on Thursday, Representatives Maxine Waters, Brad Sherman, and Sean Casten questioned the SEC’s “priorities and effectiveness” in light of its decision to drop multiple cryptocurrency-related cases. The lawmakers noted that the agency has “openly and aggressively dismissed most crypto-related cases,” including actions against major exchanges such as Binance, Coinbase, and Kraken.
Source: House Financial Services Committee Democrats, Cointelegraph.
However, a central focus of the letter was a call for the SEC to reconsider reopening its case against Tron founder Justin Sun. In February, SEC attorneys asked a federal court to pause enforcement proceedings against Sun in order to explore a potential resolution.
China ties, selective enforcement, and trust in the regulator
According to Cointelegraph, Waters, Sherman, and Casten raised concerns about Sun’s alleged ties to China and suggested that dropping the case “may be part of a ‘pay-to-play’ scheme.” The lawmakers pointed to Sun’s reported purchase of millions of dollars’ worth of tokens from World Liberty Financial, a crypto company backed by U.S. President Donald Trump and his sons.
“Without a strong, independent SEC, capital formation will undoubtedly suffer, along with our real economy. The SEC’s request to pause the Sun case, which has now lasted 11 months, signals to the market that securities laws are being enforced selectively and that those with sufficient political influence can evade accountability,” the letter states.
The lawmakers also asked the SEC to preserve and produce all documents and communications related to the decision in the Tron founder’s case, emphasizing that leaving the matter unresolved could “undermine investor confidence” in the financial regulator.
As we wrote, Justin Sun celebrates TRONs ongoing growth
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