Tron founder says SEC’s regulatory framework for crypto space is still in the infancy
Justin Sun criticised the US securities regulatory body and said that there is a need to develop its crypto regulation system.
Justin Sun is a founder & Investor in several crypto projects. So far, Justin is known for Tron (TRX) blockchain, Huobi Global exchange, BitTorrent coin, Wink coin, ApeNFT coin, Poloniex exchange, JST coin, Sun coin, Sunswap Decentralised exchange, etc. These projects are only those projects which are Justin backed, known to the crypto community.
On 23 March 2023, Justin Sun took to Twitter to share his opinion on the recent Wells notice sent to the American public crypto exchange Coinbase by the United States Securities and Exchange Commission (SEC) and also charges against eight leaders of crypto companies behind TRX coin & BTT coin.
Justin said that the latest action taken by the SEC agency is baseless and this is showing that SEC targets only successful crypto companies.
“The SEC’s civil complaint earlier today is just the latest example of actions it has taken against well-known players in the blockchain and crypto space. We believe the complaint lacks merit, and in the meantime will continue building the most decentralised financial system,” Tron’s founder said.
Further, Justin said that SEC’s regulatory framework on the crypto sector is still in the initial phase of development and it needed furthermore improvement.
In the last, Tron’s founder said that he is open to collaborating with government agencies directly under the condition of a transparent regulatory environment.
He also named Dominica country as the best example of transparent Crypto rules & regulations, which recently adopted TRX & BTT coins as legal tender.
Coinbase vs Wells notice
On the SEC’s notice, Coinbase CEO Brian Armstrong confirmed that the Coinbase team approached the SEC agency 30 times over the last 9 months but SEC never talked about the nature of any crypto asset listed on the exchange and also never provided clarity or objection on any of its crypto services.
Read also: Texas Governor jumps against American CBDC
