Questions arose during a House Appropriations Committee hearing regarding the SEC’s stance on Justin Sun and his association with Trump-linked memecoins.
Questions to SEC
During the May 21 hearings, Representative Glenn Ivey raised concerns over the SEC's case against Justin Sun and potential conflicts due to Sun’s ties with memecoins associated with former President Donald Trump. He also highlighted a $30 million token purchase of Tron from World Liberty Financial, a firm linked to Trump.
Case Against Sun Still Active
Chairman Paul Atkins addressed Ivey's concerns, stating that the case against Sun is still active and has not been dropped. However, he did not provide further details. Atkins noted that under the current policy, coins are not classified as securities.
New SEC Approach to Cryptocurrency Regulation
Atkins also mentioned that his primary goal is to create a rational regulatory framework for crypto asset markets, establishing clear rules for issuance, custody, and trading while deterring bad actors. The SEC is shifting from an enforcement-focused approach to more structured policymaking in the crypto sector.
Recent developments underscore the evolving approach of the SEC towards cryptocurrency regulation, raising crucial questions about transparency and accountability in this rapidly developing field.
