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First Mover Americas: SEC Warns Coinbase

The SEC sued Justin Sun, founder of the Tron blockchain, on Wednesday on allegations that his projects sold and airdropped unregistered securities and committed fraud and market manipulation. The SEC said in a press release it was suing Sun, the Tron Foundation, the BitTorrent Foundation and BitTorrent over the sale of the tronix (TRX) and bitTorrent (BTT) tokens, which the regulator described as unregistered crypto-asset securities. The Tron network’s native TRX token dropped 13% to 5.8 cents after the announcement, according to CoinDesk data.

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