US lawmakers question the SEC about TRON's listing on Nasdaq

On September 19, it was reported that two U.S. lawmakers sent a letter to the U.S. Securities and Exchange Commission (SEC), requesting a response regarding issues affecting how crypto companies are listed on U.S. exchanges. Senator Jeff Merkley and Representative Sean Casten questioned the SEC's timing in dropping the enforcement case against Tron founder Justin Sun. Sun was sued in 2023 for allegedly issuing unregistered securities, but the SEC applied to suspend the case the month after former Chairman Gary Gensler stepped down. The lawmakers believe that Sun's "large investments" in crypto projects controlled by the Trump family (such as World Liberty Financial and the meme coin TRUMP) may have influenced the direction of the case. In addition, they questioned Tron's listing on Nasdaq in July through a reverse merger, stating that it poses financial and national security risks, and demanded that the SEC ensure Tron meets the strict standards for listing on U.S. exchanges. They also questioned whether the SEC could "protect the American public" through a settlement agreement. This letter may trigger broader scrutiny of similar listing practices by other foreign crypto companies.