What SEC v. Ripple has in common with the allegations against Sun, TRON

If TRON DAO — née TRON — wasn’t enough to start a conversation, an investigative piece by journalist Chris Harland-Dunaway, published in The Verge, dropped a bomb. It accused Tron founder Justin Sun of actions ranging from getting tips for an ICO ban to insider trading.

In an interview with journalist Laura Shin, Harland-Dunaway revealed more details about the history of the Tron founder.

Sunrise Sunset

Harland-Dunaway talked about making behaviors related to TRX. Citing his sources, the journalist said that Tron planned to buy TRX before any good news about the coin was released to the public. This would reportedly make Tron inflate the price of TRX and then sell it. Harland Dunaway said

“…the lawyers I spoke to, who work at the intersection of crypto and finance, were unanimous: that a case can be made, that the insider trading law applies to crypto. The important thing is whether a crypto is considered a security or not.

he too spoke about Sun trying to hire a former SEC officer — David Labhart — and other attorneys to have TRX classified as non-security.

Harland Dunaway dan discussed the Sun-owned Poloniex. According to him, his legal entity has been placed in the Seychelles to make it difficult to take legal action against the stock exchange. The journalist too claimed that Sun is pursuing citizenship in other countries, such as Malta, possibly to escape US regulators.

Now you may ask, how does the sun still rise? Harland Dunaway claimed this was due to Sun’s strategy of physically escaping the Chinese authorities just after the ICO ban was revoked. He also dealt with “escape from regulation” by using America’s sluggish justice system to its advantage, the journalist added.

Let me talk!

For his part, Justin Sun claimed that the article consisted of “false allegations and made-up stories”. In particular, he addressed KYC’s allegations of negligence against Poloniex and defended the stock’s reputation.

he too added that the exchange was not registered in Seychelles and does not serve US customers.

Sun went on to say,

“We reserve the right to pursue legal remedies against the falsehoods alleged by any entity. We are represented by Harder LLP as our legal counsel.”

However, it is important to note that most of Harland-Dunaway’s sources remain anonymous.

A matter of international security…

Many of TRX’s legal tangles trace back to the fundamental question of whether crypto is a security or not. This, in turn, brings us to the ongoing SEC v. Ripple case where the court is trying to rule the same for XRP.

Most recently, the court rejected the SEC’s request to suspend Ripple’s Fair Notice Defense. This update was pivotal to the blockchain company’s business. This has also raised hopes that the verdict will be in favor of XRP holders.

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