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Tron Prepares to Go Public After US Halts Investigation Into Founder
- Cryptocurrency platform Tron is preparing to go public in the U.S. following the halt of a fraud probe by U.S. regulators into companies run by Tron's founder, Justin Sun.
- Tron is planning to go public through a reverse merger with SRM Entertainment, orchestrated by Dominari Securities, a New York-based investment bank associated with Donald Trump Jr. and Eric Trump.
- The new company resulting from the merger will hold Tron tokens akin to MicroStrategy's practice with bitcoin, with Eric Trump expected to assume a role within the company.
- The deal involves Tron offering $210 million in token assets to the new entity, amid a surge in cryptocurrency deals following President Trump's support for the industry.
- Tron and its founder, Sun, were previously charged by the SEC in 2023 for selling unregistered securities and market manipulation, but the investigation was paused after a more crypto-friendly approach by Trump.
- Sun had announced a $30 million investment in World Liberty Financial, a crypto firm linked to the Trump family, expressing commitment to U.S. blockchain growth.
- In the cryptocurrency sector, there is growing interest in stablecoins for commerce, with companies like Walmart, Amazon, and Shopify exploring their own stablecoin initiatives.
- Stablecoins offer efficiencies in commerce but raise concerns about oversight, standards, and risk controls according to PYMNTS.
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