$TRX

#TronETF

As soon as the news of Tron pushing for an ETF broke, the entire Asian market went into a frenzy. Sun Yuchen is really playing with fire this time, directly submitting the world's first TRX spot ETF application to the Hong Kong Securities and Futures Commission, clearly aiming to grab the opportunity before the Bitcoin ETF. The market reaction was honest enough; within half an hour after the news broke, TRX surged 18%, along with a collective uprising of all tokens within the Tron ecosystem.

But those in the know are sweating—it's true that the daily settlement volume of USDT on the Tron chain crushes Visa, but the 70% centralized nodes and Sun Yuchen's one-man governance model perfectly align with the securities characteristics that the SEC hates the most. Even more dramatically, on the day the application was submitted, an abnormal transfer of 290 million TRX suddenly appeared on the Tron chain, directly breaking through the key support level of $0.14.

Industry insiders revealed that this application is essentially a gamble. If Hong Kong opens this door, it would be equivalent to indirectly acknowledging that Tron is not a security, allowing Sun Yuchen to return to the U.S. market with a powerful sword. But do you think the regulatory agencies will buy it? Just look at those vaguely existing short contracts, and you will know that big players are betting on the outcome of this farce.