Justin Sun, the visionary founder of the Tron blockchain, has issued a public and detailed rebuttal to the allegations in a United Nations report. The document in question raises questions about the role of Tether’s USDT in illicit activities such as money laundering and fraud, with a special focus on the Southeast Asian region.
Sun, in a Jan. 19 post, not only acknowledged the report’s concerns but also pointed out several inaccuracies. He reiterated Tron’s commitment to preserving the integrity of blockchain technology, a statement that aligns with the company’s stance on promoting legal and ethical operations.
Tron, in addition to Sun’s words, issued a statement highlighting its significant role in the global circulation of USDT through the TRC-20 protocol. The company highlighted its ongoing efforts in transaction monitoring, which include partnerships with network forensic experts. However, it emphasized the inherent limitations of a decentralized platform in directly regulating third-party actions, including those related to Tether.
As an individual serving as a diplomatic ambassador in international institutions (UN, WTO), I am deeply aware of the importance of blockchain technology for global cooperation. At the same time, education of blockchain knowledge are particularly important. #TRON and @HTX_DAO are… https://t.co/jwloiDygzY
— HE Justin Sun Sun Yuchen (@justinsuntron) January 19, 2024
In response, Tether, responsible for USDT, also spoke out against the UN report. The company highlighted the token’s crucial role in emerging economies and its commitment to transparency. Tether highlighted a recent incident in which it collaborated with the US Department of Justice to freeze around $225 million in USDT linked to a human trafficking case, demonstrating its efforts to combat the misuse of cryptocurrency.
Furthermore, Tether criticized the UN report for not adequately recognizing its role in assisting developing economies and promoting financial inclusion. The company argued that using public blockchains for USDT transactions provides visibility that discourages their use for illicit purposes.
Justin Sun, with his experience in diplomatic circles, highlighted the importance of blockchain in global cooperation and suggested greater education about the technology. He proposed a collaboration between Tron, HTX DAO and the United Nations to expand global understanding of blockchain.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.