Of late, the crypto industry has been subjected to immense scrutiny. While Ripple is still trying to fend off its lawsuit, the Tron network was rumored to be under the purview of both the Chinese as well as American governments. However, the Tron network’s Justin Sun affirmed that they were nothing but mere fabrications.
Tron Or BitTorrent Haven’t Received Legal Notices From Any Regulators
The SEC recently hit Ripple with a $1.3 billion lawsuit for engaging in the sale of unregistered securities. This was soon followed by rumors regarding the Tron network being called out by both regulators from America as well as China for its 2017 ICO. Putting these rumors to rest, in an array of tweets, the founder of the network, Justin Sun revealed that the crypto platform hadn’t received any legal notice.
In his tweets, Sun explained the process of approving governance proposals in the network. Sun pointed out that the network constituted over 18 million accounts of users. This was followed by 27 super representatives with over 300 candidates. Every proposal stated to be passed would demand the aid of 19 super representatives.
In a series of tweets, Sun acknowledged that Tron Foundation is one of the thousands of network contributors. However, he went on to clarify that neither the foundation nor its directors [including himself], or any single validator have control over the network, determines who uses the network or how the tokens are being traded.
Sun further asserted that the network had been performing successfully for the past two and a half years without coming across a lot of “significant downtimes.” He added,
“We don’t believe that there’s any merit to the claims brought in the New York securities lawsuit by private individuals, & we’re vigorously defending against those claims. Lastly, neither I nor @TRONFoundation or @BitTorrent owns @Poloniex.”
Additionally, amidst these rumors, TRX, the native currency of the Tron network continued making profits off the ongoing bull run. At press time, the coin was trading for $0.03278 with a 10.29% rise over the last 24-hours.