(Bloomberg) – Justin Sun and his U.S. Securities and Exchange Commission lawyers are seeking a stay for regulatory proceedings against crypto entrepreneurs.
Most of them read from Bloomberg
According to the application Wednesday, “The parties will consider potential resolutions and submit that it is in their own interest to maintain this issue, while agreeing that the stay does not have any bias between the parties and non-party members.”
The demand following a similar suspension in the lawsuit against Binance Holdings Ltd. is the latest example of a dramatic change in the regulatory environment of US digital assets.
Both the Sun and the regulator declined to comment.
Under acting chairman Mark Ueda, the SEC has concluded its investigation into Robinhood Markets Inc.’s Crypto Operations. We have concluded our investigation into Uniswap, a decentralized finance company. And the other will be the unpleasant Token Marketplace Opsy. Most importantly, Coinbase Global Inc. said he agreed to withdraw the lawsuit against the largest digital asset exchange in the United States until regulators withheld committee approval.
Read: Crypto’s biggest hack of all time ruins Coinbase’s SEC victory party
The day after Trump’s inauguration, Weda announced the creation of a crypto-centric task force, separate from the executive branch, to create a “comprehensive and clear” framework for regulating the market. He called the initiative “Crypto 2.0.”
In contrast, under former chairman Gary Gensler, the SEC has brought dozens of penalties and lawsuits against crypto companies. Various crypto executives publicly celebrated their resignation in January.
Gensler’s Sec sued Sun in 2023, claiming that he worked with the companies he owns (Tron Foundation, Bittorrent Foundation Ltd. and Rainberry Inc.) to design the provision and sale of unregistered securities.
Sun has invested $75 million in World Liberty Financial, one of Trump’s crypto projects. For each project’s terms, 75% of the revenue from the token sales will be sent to Trump as fees or as approximately $56 million.
“The fact that they don’t pursue fraud charges, especially for people like Justin Sun, shows that the politicization of government agencies is already rewarded for Trump’s business peers,” says Corey Frayer, director of the American Consumer Federation.
The story continues