The Sun'll Come Out Tomorrow...

Bet your bottom dollar.

Tomorrow, there'll be Sun.

As part of our new effort to write shorter and more focused pieces, we offer the following:

Back in early 2023, the Securities and Exchange Commission charged Chinese national crypto founder Justin Sun and three of his companies with “fraudulently manipulating the secondary market” for a crypto token by using unregistered securities.  The SEC filled other charges of illegal activities against Sun, as well.

As the case made its way through the system, shortly after the 2024 election Sun not only became the largest investor in World Liberty Fund -- the Trump-backed crypto project -- buying $30 million of its tokens, he publicly announced the fact on TwiXter about how proud he was to do so.  This despite the tokens being largely worthless to him because they are non-transferable.

Further, since then Sun has invested an additional $45 million in WLF.  What this translates to is that, given Trump’s take in the venture, Sun’s $75 million of purchases has brought Trump personally over $50 million.

In totally unrelated news... --

Judd Legum and Rebecca Crosby report on their excellent Popular Information Substack site that on Wednesday, “The Securities and Exchange Commission (SEC) and Sun sent a joint letter to a federal judge, asking for a stay of Sun's case. Today, the judge granted the SEC's request.” 

So, the case has been halted.

To be clear, the charges are not dropped, but remain active.  The stay is to “allow the Parties to explore a potential resolution.”  Which is lovely.  On the other hand, the case has been ongoing for two years, and it’s only one month into Trump’s term in office when defendant Sun and the SEC have together suddenly decided not to go forward with the case but try to settle.

https://www.youtube.com/watch?v=rHZCSYBNytk