The US Securities and Exchange Commission has ended its fraud case against cryptocurrency billionaire Justin Sun, who faced allegations of orchestrating a $10 million wash trading scheme. The SEC sued Sun in 2023, accusing him of artificially inflating trading volumes of Tronix through over 600,000 fake trades across accounts he controlled.

Under the settlement, Rainberry Inc. agreed to pay a $10 million civil penalty without admitting or denying the allegations. The case involved Sun's companies including the Tron Foundation and BitTorrent Foundation Ltd., which the SEC claimed sold unregistered securities. Sun's representatives did not respond to requests for comment.

The dismissal follows a broader SEC retreat from crypto enforcement since President Trump's return to office. The agency has dropped or paused at least a dozen cases against crypto companies, including major lawsuits against Coinbase and Binance. This shift aligns with Trump's pledge to make the US the 'crypto capital' of the world as digital assets have boosted his family's wealth.