Tron (TRX) Continues To Flex Its Crypto Muscles, Hires SEC Attorney

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Tron Brings On Former SEC Attorney

Tron, a company headed by Justin Sun, has undoubtedly had a good week. The firm’s strong performance continued on Wednesday.

According to a press release from the Tron Foundation, the world-renowned blockchain startup has hired a supervisory attorney formerly of the U.S. Securities and Exchange Commission (SEC), arguably crypto’s best friend and worst enemy simultaneously. The release, issued on Wednesday, revealed that David Labhart, a “seasoned regulatory industry executive,” will now act as Tron’s head of compliance, aiding the upstart in interacting with global regulators, specifically from a crypto and blockchain context.

Sun explained that as the cryptocurrency sector continues to mature at an unbridled pace, investors and regulatory entities will need to come to trust Tron, as the chief noted that his organization has “forward-thinking and stable growth trajectory.” He added that he doesn’t expect his firm’s dealings to “run afoul of any regulatory requirements.”

Starting shortly, Labhart will act as Tron’s co-general counsel, utilizing his 15 years of experience in the securities sector to benefit the crypto company, which continues to swell amid a broader crypto bear market. The new hire expressed his excitement for his new stint, stating:

Joining TRON is the perfect progression in a career driven by a passion for the frontier of financial industry; where technology meets regulation.

Tron’s new executive added that he sees blockchain technologies and cryptocurrencies as the “next step” in the evolution of global finance, adding that he’s excited to see what Justin has in store for the company, especially in terms of utilizing this technology for society’s benefit.

TRX Up 50% In A Week’s Time

This recent hire comes after TRX, the project’s token surged in a tremendous fashion. Per data from Live Coin Watch, the asset, now the eighth cryptocurrency by market capitalization, is up 50% in the past week, and is up over 120% from its 2018 low. TRX is currently valued at $0.0287 a piece, with volume continuing to surge week-over-week.

Although many holders of the popular altcoin have welcomed the move, many have been left wondering why TRX has surged.

Potential Catalysts For Price Surge:

  • BitTorrent To Hit Binance Launchpad: Binance recently relaunched its Launchpad program, which gives crypto firms a great platform to offer their in-house tokens. BitTorrent, a peer-to-peer file sharing upstart backed by Tron, was recently revealed to have been accepted as Launchpad’s first featured project. BitTorrent will launch its BTT token and blockchain, which will work hand-in-hand with TRX.
  • Tron Blockchain Continues To Pass Key Milestones: Per our previous reports, the Tronix blockchain has continued to surmount key milestones. The chain now facilitates 83 DApps. This statistic is up by ~400% since November’s end, when the network ran approximately 20 applications. Sun also recently claimed that Tron-based contracts have been triggered 100 million times.
  • Looming NiTron Summit: Tron’s fittingly-named NiTron Summit will happen on January 17th and 18th. Many optimists are hopeful that at the event, the startup will make a number of surprising announcements that should bolster their blockchain’s ecosystem.
Title Image Courtesy of Artem Sapegin on Unsplash

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