The US Securities and Exchange Commission has agreed to settle its long-running case against Tron founder Justin Sun and companies associated with the TRON ecosystem, according to a court filing filed Thursday in New York’s Southern District Court.
Rainberry will pay $10 million in fines under the proposed sentence. The remaining claims against Sun and related foundations are dismissed.
Rainberry is the company behind BitTorrent, which has been connected to the TRON ecosystem since its acquisition by Sun in 2018.
The settlement must still be approved by a federal court.
The commission also noted that it will file a separate notice dismissing the claims against DeAndre Cortez Way, known professionally as rapper Soulja Boy, thereby ending the case entirely.
Sources of coercive action
In 2023, the SEC filed charges against Sun and his companies, including Tron Fund, BitTorrent Fund and Rainberry, for unregistered offers and sales of TRON (TRX) and BitTorrent (BTT) cryptographic securities.
The regulator also alleged that Sun orchestrated laundering to inflate TRX trading activity and made millions of dollars from illegal token sales.
The case was one of several high-profile actions the agency pursued against prominent figures in the digital assets industry during that period.
In February 2025, after a joint motion by both parties, the SEC dropped its lawsuit against Sun.
Changing regulatory landscape under new leadership
The report comes amid a significant overhaul of the SEC’s approach to digital asset enforcement.
Under Chairman Paul Atkins, the agency has moved to suspend crypto-related cases in favor of implementing negotiated settlements.
But it drew criticism from some legislators. House Democrats have publicly questioned the commission’s decision to suspend enforcement actions, including proceedings against Sun and Tron.
