When the news of TRON wanting to push for an ETF broke, the entire Asian market exploded. 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 get ahead of the Bitcoin ETF to take the lead. The market's reaction was quite honest; within half an hour of the news, TRX surged 18%, causing a collective uprising of the entire TRON ecosystem's tokens.

But those in the know are sweating—while the daily settlement volume of USDT on the TRON chain indeed surpasses Visa, the 70% centralized nodes and Sun Yuchen's autocratic governance model perfectly align with the securities characteristics that the SEC detests the most. More dramatically, on the very day the application was submitted, an anomalous 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 basically a high-stakes gamble. If Hong Kong opens this door, it would essentially mean a de facto acknowledgment that TRON is not a security, allowing Sun Yuchen to wield the imperial decree to return to the U.S. market. But do you think regulatory bodies will buy it? Just look at those seemingly vague short-selling contracts, and you’ll know that big players are betting on the outcome of this farce.