(Bloomberg) – Solicitors for Justin Sun and for the U.S. Securities and Exchange Commission seek a stay in the regulatory case against the crypto entrepreneur.
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According to the filing on Wednesday, “The parties present that it is all of their interests to wait this issue as they consider a possible decision and agree that no party or non-party would be prejudiced by a stay.”
The application, which follows a similar pause against Binance Holdings Ltd., is the latest example of dramatic change in the regulatory climate for digital assets in the US since President Donald Trump's inauguration, who campaigned in part on a pledge to make the United States a “Crypto capital of the planet.”
The sun and regulator refused to comment.
Under the acting chairman Mark Uyeda, the SEC has closed his investigation into crypto operations at Robinhood Markets Inc.; A probe ended in UNISWAP, the devolved funding company; And another into a nonfungible-token opensea market. Most significantly, Coinbase Global Inc. said that the regulator had agreed to drop his legal case against the largest digital asset exchange in the upcoming US Commissioner approval.
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The day after Trump's inauguration, Uyeda announced a crypto-focused task force, apart from their enforcement division, to create a “comprehensive and clear” framework to regulate the market. The initiative called “Crypto 2.0.”
In contrast, under the former chairman Gary Gensler brought the SEC with dozens of legal penalties and lawsuit against crypto companies. Various Crypto executives celebrated his resignation in January in January.
SEC Gensler sung Sun in 2023, claiming at the time that he was working with companies he owns and manages them – The Tron Foundation, Bittorrent Foundation Ltd., and Rainberry Inc. – To engineer offer and sell unregistered warrants.
Sun has invested $ 75 million in one of Trump's crypto projects, World Liberty Financial. In accordance with the terms of the project, 75% of ticket sales profits are sent to the Trumps as a fee – or approximately $ 56 million.
“The fact that they no longer even follow fraud accusations, especially with someone like Justin Sun, shows that the agency's politics is already paying off for Trump's business associates,” said Corey Frayer, Director of Investors Protection in the American Federation of Consumer, and recently until recently Gary Genser's senior councilor is on crypto editions.