Lawmakers dey challenge SEC on paused Sun lawsuit, TRX Nasdaq
US Senators Jeff Merkley and Representative Sean Casten write one kain letter to SEC on September 17, dem ask why dem pause the 2023 enforcement lawsuit against Justin Sun wey get indictment for issuing securities wey no register. Dem dey also push for make dem check how Tron list TRX for Nasdaq through reverse merger, warn say if dem bypass the normal IPO, e fit expose investors to higher financial and national security risks because e fit get connection with Chinese people dem.
Dem for letter talk say Justin Sun dey support crypto businesses wey connect with Trump like World Liberty Financial and the meme coin TRUMP, and dis one dey cause gbege about how foreign people fit dey affect the SEC regulatory process. The lawmakers want make dem confirm say SEC still get enough tools to protect US investors if dem settle the Justin Sun matter outside court.
Dis inquiry show say dem dey watch well well for high-profile crypto listings especially for Nasdaq, and e fit set example for how SEC go dey oversee Tron, TRX, and other token IPOs in future. Crypto traders suppose dey alert for any enforcement moves or new listing rules wey fit affect TRX and market feeling generally.
Bearish
Letter wey Senators Merkley and Casten send come show say regulatory people don dey watch Tron TRX Nasdaq listing plus Justin Sun enforcement case wey dem hold stop. Dis kain palava fit make market no too trust TRX again, traders go begin dey think twice before dem enter new position. For short time, any shakiness about wetin dem fit do or stricter rules for listing fit cause price to dey shake and fall. For long run, if regulatory rules clear, e fit make market steady, but now now, TRX price fit go down as investors dey check compliance wahala.