Tron's Justin Sun Slams the US SEC After Lawsuit

Justin Sun, the founder of the decentralized exchange platform Tron, has come lashing out at the SEC after the securities regulator sued him for selling TRX and BTT tokens as unregistered securities. This development comes on the same day as the US SEC issued Wells Notice to crypto exchange Coinbase.

Timeline of Tron

Justin Sun, the founder of the Huobi crypto exchange, made an offer to acquire Credit Suisse AG (NYSE: CS) for $1.5 billion. What Happened: Sun wrote in a series of tweets on March 19: “I would like to propose my own offer of $1.5 billion to acquire Credit Suisse and integrate it into the Web3.0 world.

In a recent statement, Justin Sun, the founder of Tron, expressed his view that UBS's bid for Credit Suisse was insufficient. Instead, he proposed his own offer of $1.5 billion to acquire the bank and integrate it into the world of Web 3.0.

Amidst all the chaos in the crypto-markets following the collapse of crypto-friendly banks, Tron [TRX]‘s ecosystem shared its latest weekly report. In doing so, it provided updates on some of its key performance indicators (KPIs).

The current stablecoin turmoil has spread far and wide and no crypto project has managed to stay aloof from its impact. Tron [TRX], the layer-1 blockchain, saw its USD Coin [USDC] supply drop from $1.03 billion at the start of March to just over $530 million as of 12 March, almost getting halved.

Tron reached an important milestone, completing 5 billion transactions. This milestone highlights the growing popularity and wide adoption of this blockchain by developers, companies, and cryptocurrency enthusiasts around the world.

TRON's latest announcement is evidence of its efforts to increase TRX's global adoption and usage. TRON has announced a partnership with the Commonwealth of Dominica to usher in a new era of Web 3.0.

TRON [TRX] burned over 18.74 million tokens over 24 hours until 3 March, as per data from Tronscan. With the number of new tokens generated being flat, the net issuance rate, or the difference in the number of tokens generated and the number of tokens burnt, fell further.

The price action of TRON [TRX] had strong bullishness behind it. The rally that began in January has not yet stopped on the higher timeframes, as TRX continued to make higher highs and higher lows.

TRON [TRX] published its weekly highlights on 25 February, in which it mentioned all the notable developments in its ecosystem over the past seven days. The most significant update was related to its earlier-announced AI development fund.

TRON [TRX] has been stepping up its game in terms of burn activity, which proves its deflationary characteristic. The figure has increased considerably since 2022, and over 600 TRX tokens have been removed from the circulating supply in the last three months.