Justin Sun denies the existence of an investigation against the TRON Foundation in China or the United States.
According to the CEO, no single entity or individual can take full control of the TRON network.
The Consequences of the SEC Lawsuit Against Ripple Labs are still one of the hottest topics in the crypto community. A much discussed scenario is the extension of fees to entities and tokens other than XRP. USDT, Chain Link, Binance Coin, and TRON are among the possible candidates for sanctions according to speculation.
Tron Foundation CEO Justin Sun is now speaking on Twitter to clear up rumors. Soleil refuses all speculation. They are false and state that there was no investigation against the Tron Foundation, TRX, BitTorrent. Also no investigation against itself or any affiliated entity by any of the regulatory institutions in the United States or China.
In its statement, Sun states that TRON was a decentralized network of “18 million accounts and 27 super representatives”. The governance and operating model of the network prevents any person or entity from having control of the network, according to Sun.
Sun also denies the existence of network centralization or a single point of failure. Which would allow “a person or entity” to take the system out of service. The CEO of the Tron Foundation appears to be reacting specifically to a report from Cinneamhain Ventures partner Adam Cochran.
Is TRON (TRX) a security for the SEC?
According to the report, the US Securities and Exchange Commission (SEC) may have reason to charge Sun. This state of affairs for its relations with two companies based in the United States: BitTorrent and Poloniex. After Sun becomes an investor in Poloniex, according to Cochran, products are created. This made it possible to trade with leverage and deposit or withdraw amounts greater than $ 10,000. In addition, Poloniex lists a variety of TRC20 tokens.
Cochran says BitTorrent still operates primarily from San Francisco, United States. And, he points out that Sun frequently visits the headquarters in that state. Therefore, if it happens that Poloniex has users in the United States, the authorities of that country could apply the same criteria. These are the same criteria they used to go against the BitMEX exchange, as Cochran states.
However, it should be noted that Cochran is careful with his claims. And, it makes it clear that the information it provides still needs a stronger foundation and further investigation. The expert also considers that there is no point of comparison between the SEC case against Ripple Labs.
The CEO of the Tron Foundation responds to Cochran’s comments. However, he says efforts to “limit” fake news should be stepped up. Sun says he understood there were answers to “important questions”. Therefore, it undertakes to be “as transparent as possible”.
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