NEW YORK (Reuters) – Justin Sun and the U.S. Securities and Exchange Commission are exploring a resolution to the regulator’s civil fraud case against the Chinese cryptocurrency entrepreneur, according to a Wednesday court filing.
The SEC sued Sun and his companies Tron Foundation, BitTorrent Foundation and Rainberry in March 2023, accusing them of scheming to distribute billions of dollars of crypto assets.
In a letter to U.S. District Judge Edgardo Ramos in Manhattan, lawyers for Sun and the SEC asked that the case be put on hold, citing the interests of both sides and the public. They proposed submitting a status report 60 days after a stay.
Sun’s lawyers and the SEC did not immediately respond to requests for comment.
President Donald Trump has pledged to make the United States a global hub for the cryptocurrency industry and nominated Paul Atkins, a Washington lawyer seen as supportive of digital assets, to become SEC chair.
(Reporting by Jonathan Stempel in New York; Editing by Chris Reese and Lisa Shumaker)
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