The U.S. Securities and Exchange Commission reached a settlement with Tron and its founder Justin Sun on Thursday, the SEC said in a court filing.
Under the terms of the agreement, Rainberry Inc., one of the companies associated with the Tron network, will pay a fine of $10 million and will be barred from future violations of securities regulations. The SEC sued Sun and Tron in 2023, alleging violation of federal securities laws through the sale and airdrop of Tron (TRX) and BitTorrent (BTT) tokens.
In addition to the SEC’s allegations that Tron was trading unregistered securities, the regulator had also alleged that the defendants “fraudulently manipulated[ed]” Secondary market of TRX through an “extensive wash trading” scheme. In the agency’s rush to abandon its previous cryptocurrency registration cases, it continued to pursue those that were associated with deeper allegations.
“The remaining claims against Rainberry would be dismissed with prejudice,” the document says. “The Final Judgment would also dismiss all claims against Justin Sun, the Tron Foundation, and the BitTorrent Foundation.”
With prejudice means that the SEC could not bring a similar case again in the future for the same conduct.
“The Commission has reviewed and approved the terms of the agreement, as reflected in the Consent and the proposed Final Judgment. Rainberry, Justin Sun, the Tron Foundation and the BitTorrent Foundation have consented to the Final Judgment being issued,” the document says.
The proposed deal is still subject to approval by a federal judge.
At the time, the SEC, under the leadership of former Chairman Gary Gensler, filed a series of lawsuits against crypto companies.
The SEC dismissed most of these cases after President Donald Trump returned to office last January, primarily under Commissioner Mark Uyeda, acting chairman. The commission is now led by Chairman Paul Atkins.
Sun purchased about $75 million in World Liberty Financial (WLFI) tokens, the token tied to the company partially owned by Trump and his family, after Trump was re-elected in 2024, and its total ownership, including unacquired tokens, reached nearly $700 million by mid-2025. The SEC case against Sun was stayed last year, along with many other cases the agency brought against crypto companies.
Tron spokespersons did not respond to a request for comment by press time. An SEC spokesman declined to comment.
UPDATE (March 5, 22:00 UTC): Add additional context.
UPDATE (March 5, 22:47 UTC): He adds that the SEC declines to comment and modifies the ownership of Sun’s WLFI token.
