The chamber voted to move forward on the bill on May 19, a few hours before Sun’s announcement.“How convenient: the day after the Senate advances the GENIUS Act, Justin Sun — a major investor in the Trump family crypto venture — announces he’s getting a private dinner as the president’s top crypto buyer,” said Massachusetts Senator Elizabeth Warren, according to Bloomberg.“It’s critical that everyone understands the GENIUS Act doesn’t stop this type of corruption — it greenlights it.”At a May 20 oversight hearing, Maryland Representative Glenn Ivey questioned SEC Chair Paul Atkins on Sun’s case being stayed, as well as his investments in World Liberty Financial and Trump’s memecoin.
Before Trump won the November election, Sun had been facing a lawsuit from the US Securities and Exchange Commission (SEC) filed in 2023 over the alleged “orchestration of the unregistered offer and sale, manipulative trading, and unlawful touting of crypto asset securities.” In February, roughly a month after Trump took office and appointed Commissioner Mark Uyeda as acting chair of the SEC, the regulator and Sun jointly filed a motion for a federal judge to stay the case, which was granted.
After weeks of speculation among crypto enthusiasts and news outlets, Tron founder Justin Sun has claimed he owns the wallet that purchased the largest amount of Donald Trump’s memecoin, allowing him to qualify for a dinner and reception with the US president.
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Author / Journalist: Cointelegraph by Turner Wright
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