Justin Sun sued by SEC. Effect on Bitcoin?

[sha420hashcollision]

Both XRP and Tron are hugely pre-mined centralized operations that constantly use the free money they have to bash Bitcoin. You should avoid them like the plague, I dont care for the govt but I vote to feed these fuckers to the beast at this point. From my perspective they are ponzi scheming the fuck out of all of their supporters, and the supporters just ride on stockholmes syndrome and naive moon boy math all the time. Its sickening and its happening everywhere. That is the opposite of what Bitcoin is trying to achieve.

[1714857260]

1714857260

[teosanru]

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/

I think this is something which is very old. I mean I remember during the bull run of 2017 there were a lot of allegation on Justin Sun around this manipulation of the market, main thing being they had a lot of centralized coins held by the developers which they used to sell at good prices and later dump the markets because of these sells. I feel however this isn't really going to help these people will still get away from the eyes of law no matter what happens. Also any effect of this on market will be very temporary so you shouldn't really worry about any such thing.

[justdimin]

But somehow as of this reply, Bitcoin price already recovered above $27k.

Yep.  Bitcoin somehow doesn't give a shit about what any government does (so far, anyway). 

So the SEC is claiming TRX is a security?  Are they considering all cryptocurrencies, including bitcoin, to be such as well?  I haven't paid much attention to what's been going on as far as regulation goes.  It is kind of funny to hear that all of those celebrities are being sued as well.  Celebrity endorsement is exactly what crypto doesn't need, as evidenced by Matt Damon hyping FTX or whatever that was he got paid for.  It just attracts the attention of 'regulators' who really want to do away with bitcoin and every other crypto as well.

That's the amount of attention they deserve anyway. Whatever SEC decides, they can do it and we won't care about it because that's not a big deal for us. We should be just focusing on what we could do with what we have and that is going to be the key for us.

I believe that we should be saving our care for what happens inside crypto world anyway, because it is already crowded with plenty of news, anything big happening in the crypto world would get my attention but whatever SEC thinks about bitcoin or other cryptos would not get any attention from me at all. I believe that they considered it a security because Justin sun was so involved and profited from it, so it differs from bitcoin.

[mich]

Well it does not look like it made a bad effect on Bitcoin. Price of Bitcoin is still price for each coin of 28k or more. We might have predicted a loss in the price but now we can be certain no effect from Justin Sun being sued.
I am not certain if it has something to do with it. But Justin Sun has made the offer to buy 41,500 Bitcoin in control of the US Government for a 10% discount. https://news.coincu.com/177777-trons-justin-sun-offers-to-buy-41500-btc/

[rdbase]

Now Binance has announced they will removing Justin Sun's Tron token off their platform possibly from this court filing against the Tron Network by the SEC:
https://blockworks.co/news/binance-delist-tron-trx

[sha420hashcollision]

Very ironic, Binance is under the exact same scrutiny yet they want to de-list others based on the same claims?

[majeed]

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/

Man, it's stressful as heck for the community to hear that Justin Sun's getting sued again by the SEC on securities and market manipulation charges. It's like we can't even catch a break! And then the market just straight up dumps right after the FOMC meeting? Seems like everything's been planned and played out already. But hey, let's keep in mind that Justin Sun's legal problems won't really mess up the whole crypto market. Like that smart dude once said, "This too shall pass!" We don't know how much BTC Justin has to dump, but it's probably not enough to totally mess things up. So, let's just kick back, relax, and enjoy the ride!

[Accardo]

Justin Sun did a massive promotion for the unauthorized tokens which made it sell out in millions, celebrities like Akon were penalized for promoting such a project. The market will always have such news, it's not new, we should be getting used to such ill information on top cryptocurrency business owners. I feel bad for the fine those celebrities paid, its not their fault to fall into such situation and promoting a project given to them by Justin sun, it may not have given them the slightest need to research the projects, the Government didn't do well about the penalty issued to the artists, so many cryptocurrency influencers did promote that same project, but it was not written anywhere in the article about paying a penalty, yet the famous ones were penalized for not informing the public that it's a sponsored promotion.

[lionheart78]

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/

Man, it's stressful as heck for the community to hear that Justin Sun's getting sued again by the SEC on securities and market manipulation charges. It's like we can't even catch a break! And then the market just straight up dumps right after the FOMC meeting? Seems like everything's been planned and played out already. But hey, let's keep in mind that Justin Sun's legal problems won't really mess up the whole crypto market. Like that smart dude once said, "This too shall pass!" We don't know how much BTC Justin has to dump, but it's probably not enough to totally mess things up. So, let's just kick back, relax, and enjoy the ride!

Stressful for the Tron community but I don't know about the Bitcoin community.  As you see the Bitcoin market does not react to this news.  The Bitcoin market continue as if nothing happens.  I don't even see any news that highlights the reaction of BTC in relation to the news. It only implies that the Bitcoin community does not care about the person.  Justin Sun is a TRX guy, so it has a massive effect on Tron, and at the present, the effect of the news had subsided because Tron is already recovering.

This means the Bitcoin market had matured enough and had developed its resistance to unrelated news such as the one stated by @OP.  Bitcoin does not even react heavily to the news about CZ being sued by CFTC and CZ has a bigger image than Justin Sun.

[tiCeR]

Justin Sun did a massive promotion for the unauthorized tokens which made it sell out in millions, celebrities like Akon were penalized for promoting such a project. The market will always have such news, it's not new, we should be getting used to such ill information on top cryptocurrency business owners. I feel bad for the fine those celebrities paid, its not their fault to fall into such situation and promoting a project given to them by Justin sun, it may not have given them the slightest need to research the projects, the Government didn't do well about the penalty issued to the artists, so many cryptocurrency influencers did promote that same project, but it was not written anywhere in the article about paying a penalty, yet the famous ones were penalized for not informing the public that it's a sponsored promotion.

Are you saying that when a celebrity decides to promote a project and even gets paid for it that the celebrity is not to blame? As far as I know they haven't publicly announced that it was paid promotion. That's why they had to pay a fine and I think that is the way it should be.

When you read the SEC's announcement I am sure that they must have lots of proofs. They would just announcement some baseless accusations and when he did engage in wash trading, manipulating volume and prices in order to wreck his own community, I think it's right to see him getting sued. They also seem to have some whistleblowers or email material where Sun demanded his employees to actively engage in wash trading.

I wonder though how this will end for him. But the celebrities as well. Often times the harm is done, they pay a fine but the victims are left alone afterwards. Someone like Jake Paul can easily pay $65k. They paid a total of $400,000 combined with six people I believe.

[Fivestar4everMVP]

Very ironic, Binance is under the exact same scrutiny yet they want to de-list others based on the same claims?

Lolz, you don't have to blame binance for taking such a rash decision though, personally, If I was to state what is playing out, I would say that, binance is just trying to avoid getting into more troubles, seems the one they are dealing with is already too heavy enough for them 😁.

But then, one thing i am happy about is that, even in the midst of this chaos, Bitcoin, and the crypto market in general has relatively been stable, with some greens from time to time, this shows that all this negative news didn't actually move investors to want to dump, really impressive.

[Vispilio]

https://news.bitcoin.com/clock-ticks-slower-for-justin-sun-and-rainberry-court-grants-extension-amid-sec-allegations/

Justin Sun has now till December to respond,

but on another unrelated matter, after SBF's sentence, he can also be tried for what happened on the last day of FTX trading, where he offered "lifeline" TRX withdrawals, causing Tron to skyrocket within the exchange as investors were paying 4-5x market price to buy and exit with Tron and TRC20 tokens from the failing FTX exchange, he might be the only party to walk away with extravagant profits that day, at the expense of FTX users...