When the news of the TRON ETF application was released, 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 be the first to grab the opportunity before the Bitcoin ETF. The market's reaction was quite honest; within half an hour of the news breaking, TRX surged 18%, causing a collective uproar among all tokens in the TRON ecosystem.

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

Insiders reveal that this application is essentially a high-stakes gamble. If Hong Kong opens this door, it would be equivalent to implicitly acknowledging that TRON is not a security, allowing Sun Yuchen to return to the US market with a powerful mandate. But do you think the regulatory bodies will buy this? Just look at those somewhat obscure short-selling contracts to know that the big players are betting on the outcome of this farce.