Justin Sun Ignoring SEC Subpoena, TRX Up 2%

Key Points:

• Justin Sun shared the status with the implied denial of the allegation and did not flinch at the strong action of the SEC.
• The TRX token price was not only unaffected by the negative news, but also saw a slight increase.
• After a period of no response, SEC summons against the founder of TRON.

TRON founder, Justin Sun, shared a status line expressing optimism about the SEC’s strong action when issuing subpoenas. The TRX price doesn’t seem to be affected much.

As was updated in a previous article by Coincu News, on the evening of April 13, the United States Securities and Exchange Commission (SEC) issued a summons to TRON Foundation founder – Justin Sun, rapper Soulja Boy and YouTube music star Austin Mahone, following allegations related to tokens issued by TRON and data-sharing company BitTorrent.

According to the lawsuit filed on the morning of March 23, the SEC alleges that Justin Sun and three companies connected to this character, Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc, are guilty of illegally offering securities. The type of securities that the SEC has designated are the two TRON (TRX) and BitTorrent (BTT) coins of the TRON system.

The SEC has asked the court to ban Justin Sun and his companies from offering securities, including digital assets. The complaint also requires forfeiture of the proceeds with interest and civil penalties. In addition, the court also issued a permanent injunction banning Justin Sun from serving as a leader or director of any company that issues securities.

If Sun does not respond within 21 days of receiving the subpoena, a judgment in absentia will be made and he will not have the opportunity to respond in this case.

As usual, Huobi’s rumor boss continued to broadcast the message “4”, as an act of “ignoring” the accusations.

Even when the SEC issued a warning, Sun still seemed to be quite carefree and undeterred. In his April 12 tweet, he also happily shared the moment he joined the Binance event.

After the above news, TRX price still did not react too strongly, even increasing by more than 2% compared to 24 hours ago.

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