While Rainberry will pay the multi-million dollar fine, the settlement includes no admission or denial of the allegations by any of the defendants.
Sun Vows Future Cooperation with U.S. RegulatorsReacting to the announcement, Sun vowed to continue operating in the United States and to assist the commission in developing a regulatory framework.
The resolution of the case against Sun is the latest in a series of retreats by the SEC, which, under the Trump administration, has largely abandoned its aggressive “regulation by enforcement” posture toward the digital asset industry.
Meanwhile, in addition to the fine, Rainberry is now under a permanent injunction prohibiting future violations of the anti-fraud and registration provisions of federal securities laws.
The final judgment remains subject to approval by U.S. District Judge Edgardo Ramos.
FAQ What was Rainberry Inc.’s penalty for market manipulation? Rainberry Inc., formerly known as Bittorrent, has agreed to pay a $10 million civil penalty to resolve allegations related to market manipulation and unregistered securities. What does the settlement mean for Justin Sun and his foundations? The U.S. SEC agreed to dismiss all personal claims against Justin Sun, the Tron Foundation, and the Bittorrent Foundation “with prejudice,” preventing future charges on the same issues. What were the main allegations against Rainberry and Justin Sun? Federal regulators accused Sun of selling unregistered securities and instructing employees to conduct over 600,000 wash trades to misrepresent trading activity. What impact does this settlement have on cryptocurrency regulations? The agreement signals a shift towards a more collaborative regulatory approach by the SEC and will require Rainberry to adhere to a permanent injunction against future securities law violations.
