On September 19, two members of the U.S. Congress sent a letter to the Securities Exchange Commission (SEC) seeking responses to questions affecting the way crypto companies list on U.S. exchanges.
In the letter, Senator Jeff Merkley and Representative Sean Casten questioned the timing of the SEC's decision to drop the case against Tron founder Justin Sun, who was indicted in 2023 for allegedly issuing unregistered securities but the SEC applied to suspend the case a month after former chairperson Gary Gensler left office. Lawmakers argued that Sun's "large investments" in Trump family-controlled cryptocurrency projects such as World Liberty Financial and Memecoin TRUMP could influence the course of the case.
In addition, they also questioned the reverse takeover of TRON's Nasdaq listing in July, saying it posed financial and national security risks, asked the SEC to ensure TRON met strict standards for listings on the American Exchange, and questioned whether the SEC could "protect the American public" through a settlement agreement. The letter could trigger broader scrutiny of similar listings by other foreign crypto companies.
US lawmakers challenge SEC over TRON's Nasdaq listing
2025-09-19 00:39:31
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