A crypto mogul who invested millions into Trump coins is getting a reprieve on civil fraud charges
CNN
A businessman who pumped $75 million into the Trump family-backed crypto token finds himself in a fortunate position this week as federal securities regulators are hitting pause on their civil fraud case against him.
A businessman who pumped $75 million into the Trump family-backed crypto token finds himself in a fortunate position this week as federal securities regulators are hitting pause on their civil fraud case against him. On Wednesday, lawyers for the Securities and Exchange Commission and Justin Sun, a 34-year-old Chinese crypto entrepreneur, asked a federal judge to put the agency’s case on hold, citing the interests of both sides and “the public’s interest.” The pause is a 180 for the SEC, America’s top financial regulator, which two years ago charged Sun and his companies — Tron, BitTorrent and Rainberry — with selling unregistered securities and fraudulently manipulating the price of digital token Tronix. Sun and his companies sought to have the case dismissed. Sun is a polarizing figure within the world of crypto, in which he has become one of the most prominent investors in the World Liberty Financial crypto project, backed by the Trump family. Sun’s $75 million purchase of World Liberty tokens, which he’s touted in social media posts, could set the Trump family up to eventually collect tens of millions of dollars, as the family is entitled to 75% of the tokens’ revenues, according to the company. Sun is also an official adviser to World Liberty, which lists President Donald Trump as its “chief crypto advocate” and his son Barron as its “DeFi visionary.” World Liberty is just one of several crypto projects the president and his family have set up in recent months, raising concerns about potential corruption. By its nature, crypto offers a particularly easy way to, anonymously or otherwise, funnel money into assets that directly benefit the president and his family. “Now anyone in world can essentially deposit money into bank account of President of USA with a couple clicks,” tweeted Anthony Scaramucci, former Trump White House communications director, after Trump launched a digital token known as a memecoin last month. “Every favor — geopolitical, corporate or personal — is now on sale, right out in the open.”
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