Justin Sun sued by SEC. Effect on Bitcoin?

[Iranus]

Maybe the SEC was trying to distract us from the FOMC meeting with a little crypto drama.

The FOMC meeting is of interest and it will affect all financial markets, not just this small crypto market. Apart from crypto investors, no one is interested in this news, you are exaggerating this news.

After declaring all altcoins as securities and the lawsuit between them and XRP not in their favor, I have a feeling SEC is trying to find a way to suppress and find a way to control us. Cryptocurrencies are the target of the SEC, they don't want us to be free anymore. I'm not too worried about news like this, Justin Sun is a celebrity in the market but he is not representative of the market.

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[FinneysTrueVision]

I'm not as optimistic as some other people in this thread. Whether Tron is a centralized shitcoin is of little importance to the SEC. Anything that is a threat to the US dollar they will try to go after. Tron just happens to be an easy target but it is naive to believe they won't ever go after Bitcoin.

[davis196]

Justin Sun was involved in some shady shitcoin/token stuff, so he deserves some kind of punishment.
I guess that he owns BTC and he might sell it, but it's not some large amount and we shouldn't be worried that Sun selling his Bitcoins would singlehandedly crash the BTC price. The Bitcoin market witnessed a big price pump from 20K to 28K USD and it's time for a correction. Everybody knows that this price pump wasn't steady and the price might be hitting new lows in the future. This is something normal and the Bitcoin newbies shouldn't panic.

I'm not as optimistic as some other people in this thread. Whether Tron is a centralized shitcoin is of little importance to the SEC. Anything that is a threat to the US dollar they will try to go after. Tron just happens to be an easy target but it is naive to believe they won't ever go after Bitcoin.

Nobody is denying that the US government could attack Bitcoin at some point.
The scammers like Justin Sun have to deal with the consequences of their actions. It doesn't matter if they used altcoins or Bitcoin in their scams.

[OmegaStarScream]

I don't see how would this affect bitcoin but my suggestion to everyone is to stay away from these projects until things settle down:

- TRX and BTT (you can already see how the price was affected once the news came out).
- Huobi and Poloniex (I believe he founded the first platform, and he's an investor in the second).

[Popkon6]

The Securities and Exchange Commission (SEC) charged Tron's owner, Justin Sun, with violating securities rules. Justin Sun was found guilty of multiple legal contempts today as he wrestled with the crypto market. I think this simple glitch will have no effect on the Bitcoin market. The current Bitcoin price is at 27.7K and further downside is very likely. No investor should be disappointed by this Bitcoin price decline as it is normal for Bitcoin prices to rise and then fall a bit. I don't think there will be any major impact on the current market as there may be minor issues with cryptocurrency.
 There have been many more banking accidents that have caused losses in the crypto market but have since returned to normal levels.
Finally, I want to say that this problem is mainly in the TRX platform. So there is nothing to feel confused here.

[Rikafip]

But seriously, it's not surprising to see the market react to news like this. Investors don't like uncertainty, and legal trouble for a high-profile figure like Justin Sun can certainly create a lot of it.

Justin Son relevance starts and ends on the shitcoin market. This guy is completely irrelevant when it comes to Bitcoin and people woulnd't even know about him if he doesn't make some  ridiculous claims and offers (like the one to buy Credit Suisse) every once in a while as a sort or publicity stunt.

So no, I don't expect any effect on Bitcoin coming from this news.

[bakasabo]

This isnt the first time Justin Sun has troubles with authorities. He already had troubles with Chinas government, when he ran Tron ICO just few days before government ban ICOs, and short after escaped to US. I guess its time for him to move again. When SEC card is played, it is better to watch out. They wont let go easily. I think they will keep on digging in his dirty laundry and find more skeletons in Suns closet.

[Oneandpure]

Could be tricked did by Justin Sun how to make his coins network back popular after still existing in lower price and tron network not popular like other network from BSC chain until with ETH network chain. I don't believe with his decision to the SEC Commission have effect with bitcoin, right now not matter how you FUD about bitcoin and what kinds communities can't bring impact for bitcoin drop.

Justin Sun seems frustrated how to get back popular in cryptocurrency, maybe he wants become popular and his coins project can reach to higher price although seems not excited yet after many investor not really interested with tron project coins.

[rdbase]

Another stressfull news for the community.

Stressful?
Maybe you meant stressful for the Tron community, not the entire crypto community.Justin Sun has started having a really bad influence on nearly everything he touches, and lately, all his plans ended in either a failure or a dumpster fire.

But one must see the funny irony in this, just three days ago:
Justin Sun Puts Forward Proposal to Acquire Credit Suisse
Anyhow, this is not bad for BTC is bad for Tron and their shitcoins, one less alt on this over-saturated market just makes it a bit better.

And the timing certainly seems suspicious, doesn't it? Maybe the SEC was trying to distract us from the FOMC meeting with a little crypto drama.

Common, if the SEC would actually go after each suspicious case as they should they could make the news every single week, look at what has happened in all those deals behind every single one of the failures in FTX, 3AC, Genesis, how every single of those stablecoins are backed by empty promises just as bad as Credit Suisse, they have enough material for years to come just on recent events.
Besides, the dump started after the FED announcement, 2 pm EST is 18 on this graph

Didn't he put in an offer to buy out FTX and be the so-called savior of the company when it's stock was free falling out of the sky and CZ was proposing to do the same thing but ended up backstabbing SBF and blatantly letting them fail?
These type of so called innovators in the cryptosphere are just seeking an opportunity and then seizing it the best they can so that everybody eventually falls for the samething they are preaching.
No different than a snake oil salesman from the days of the wild west. But instead in the time of the digital era.
I see Justin Sun and CZ as the cyberpunks of our time.
So he was found to pay certain celebrities in promoting his company's tokens.
"He was also accused of concealing payment to celebrities to promote TRX and BTT on social media accounts, misleading the public into thinking they had 'unbiased interest in TRX and BTT, and were not merely paid spokespersons.'"
source: https://www.reuters.com/legal/sec-sues-justin-sun-others-over-illegal-crypto-sales-2023-03-22/
Seems to be a very shady individual indeed and no wonder his bought lunch with Warren Buffett fell through.

[LogitechMouse]

Another stressfull news for the community.
Tron founder Justin Sun sued by U.S. SEC on securities, market manipulation charges.

Who's that person?? I don't know him at all
Ohhh he's the current founder of Tron. The founder who has lots of controversies already way back a few years ago. I can't remember, but there was a time where he said something that caused uncertainties to the whole crypto market. Anyway, I can't see it a stressful at all because after this, Bitcoin will just rise up again.

Will BTC bounce back from this, or will it continue to take a beating? Only time will tell, but I have a feeling this won't be the last we hear about this story.

Yes. It will bounce back.
I wish we would see Bitcoin going to touch that $30,000 price resistance this month or even next month. Like you, I don't believe that this is the last negative news that I'll heard in the next few weeks.

[kryptqnick]

Tron didn't quite deliver on the decentralized project they promised but it stayed afloat, didn't really betray the investors either. Is TRX a security? I don't know, to be honest. The same with btt tokens. Undisclosed payments for celebrities to advertise crypto projects is a dishonest tactic, but I don't see how it has to do with the SEC's area of competence. Perhaps they'll just choose to settle with the SEC for some amount of money. In any case, I don't expect a long-lasting effect on the market from this, not when it comes to the price of Bitcoin.

[yhiaali3]

Yes the SEC is very active they leave no one behind, now it's Justin Sun's turn, the charge over the sale of Tron TRX and BitTorrent (BTT) tokens, which it described as unregistered crypto-asset securities. Also regarding airdrop fraud and market manipulation.

They are very skilled at writing a long list of accusations, the problem now is that Binance contributed to the subscription of BTT so we do not know if the charges will also affect Binance.

In any case, I do not expect the issue to have a significant impact on the market, as we see a significant recovery in the market at the present time, despite all these negative news.

[OgNasty]

I’m honestly surprised this didn’t happen in 2017. The way that he sold his tokens and then started buying companies on behalf of it seemed a little shady. It never really sat right with me because it smelled of manipulation similar to SBF tactics. Justin was able to stay afloat though. Now that they’re cracking down industry wide, it seems like they’re working through a list of who to get.

[mv1986]

Another stressfull news for the community.
Tron founder Justin Sun sued by U.S. SEC on securities, market manipulation charges.
Market insta dumping since the news is out just after the fomc meeting, lol what a timing (seems like its all played and planned). Does anyone know how many btc does justin have to dump on us ?

Source of news: https://www.coindesk.com/policy/2023/03/22/tron-founder-justin-sun-sued-by-us-sec-on-securities-market-manipulation-charges/

In that regard crypto is still the Wild West because you have so many on and off ramps and sometimes even decentralized exchanges or swap services. I think nobody can imagine how much of that stuff is going on behind the scenes. Sun definitely wasn't the last one who gets caught or pressed charges against. I would still say that TRX is that big of a deal to the whole community. It didn't plummet to zero or anything.

[thecodebear]

SEC is on an anti-crypto rampage.

I'm more worried about the fact that the SEC just notified Coinbase that they basically consider Coinbase's entire operation illegal. They notified Coinbase that they are planning to come after them not just for their staking service, but their Coinbase Earn stuff, their Wallet service, and their exchange!! Like, that's the entire company! I can't imagine how SEC will make a case against the entire business but it is clear Gary Gensler and the SEC are on an anti-crypto rampage and they would like to take the entire industry down. We've got a lunatic running the SEC.

Hopefully the courts shut down the SEC's anti-crypto tirade and puts Gensler in his place. Cuz its insane that the SEC just wants to shut down the industry in America. We are definitely entering a period when the US government is starting to attack Bitcoin and Crypto. Hoping the courts and/or Congress push back on this sort of anti-crypto stuff before it gets bad. We need politicians and regulators who actually understand what Bitcoin is, and have more of a knowledge of it than just what they read in negative headlines.

[siniminomorocomunisakito]

The related news about Justin Sun being sued by the SEC has caused the market to react negatively, with a sudden drop in price. for how many Bitcoins Justin Sun had to throw on the market It is unclear. the SEC accusations against him related to securities and market manipulation in my opinion are not directly related to Bitcoin itself. The impact of this news on the Bitcoin price may be temporary and contingent on the outcome of the lawsuit.

[ololajulo]

I’m honestly surprised this didn’t happen in 2017. The way that he sold his tokens and then started buying companies on behalf of it seemed a little shady. It never really sat right with me because it smelled of manipulation similar to SBF tactics. Justin was able to stay afloat though. Now that they’re cracking down industry wide, it seems like they’re working through a list of who to get.

This is mere witchhunt and will generate a lot rumor around is relationship with CZ.binance. it is overdue after so many years. They will demands a settlement out of court and will play a sane system without corruption.

[decodx]

I see Justin Sun and CZ as the cyberpunks of our time.

That's a bad analogy. According to my recollection, the cyberpunk movement is a subculture that embraced computer technology, hacking, and science fiction. Cyberpunks were often associated with a DIY (Do-It-Yourself) ethic and a rejection of mainstream values.

Similarly, Bitcoiners are often seen as rejecting traditional financial institutions and embracing a decentralized, digital currency. They may also be associated with a DIY attitude towards finance and the use of technology to disrupt the traditional financial system. Therefore, in my opinion, all true bitcoiners are the cyberpunks of our time.

[The Cryptovator]

If you only consider the impact on Bitcoin, you would be mistaken. News can have ripple effects throughout the entire cryptocurrency market. This was evident in the recent market downturn, where not only Bitcoin but all altcoins experienced a sharp decline. It is clear that the cryptocurrency market is highly reactive to news. It seems that whenever Bitcoin experiences growth, an unexpected attack occurs, causing a downturn in the entire industry. The negative impact of news on the cryptocurrency market as a whole cannot be overstated.

[serjent05]

The current market recovery after it plummets to sub $27k  the past days had shown that the case of Justin Sun being sued by SEC has no effect on Bitcoin at all.  The only market that reacts to this issue is TRX but it is just momentary because the price of TRX is recovering now.

Justin Sun is not affiliated with Bitcoin even though he may be holding a huge amount of Bitcoin.  Also, Justin Sun does not represent any Bitcoin company that is why thinking that  Bitcoin market will react to the issue is just overthinking.

If you only consider the impact on Bitcoin, you would be mistaken. News can have ripple effects throughout the entire cryptocurrency market. This was evident in the recent market downturn, where not only Bitcoin but all altcoins experienced a sharp decline. It is clear that the cryptocurrency market is highly reactive to news. It seems that whenever Bitcoin experiences growth, an unexpected attack occurs, causing a downturn in the entire industry. The negative impact of news on the cryptocurrency market as a whole cannot be overstated.

If ever there is a ripple effect then that is XRP investors shifting to Bitcoin. Which possibly happening because Bitcoin had a fast recovery after the announcement of FED about the interest rate hike.