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WASHINGTON, D.C. — Unicoin CEO Alex Konanykhin said he’s asked the U.S. Securities and Exchange Commission to pull its investigation against the crypto operation and hasn’t yet received a response. Unicoin represented a final shot against the industry from previous Chair Gary Gensler’s SEC, which informed the firm in an official notice late last year that the regulator intended to accuse it of fraud, deceptive practices and handling unregistered securities. The investigation was announced in the final days of President Joe Biden’s administration in December, before the SEC’s leadership was taken over by those selected by crypto fan President Donald Trump. The CEO, who has watched a dozen other crypto companies let off the hook of their enforcement actions by the agency’s new management, told CoinDesk he wrote a March 17 letter to the agency’s new Crypto Task Force, asking about the investigation. “I seek your guidance on the best way to address this abuse of power and bring it to an end,” Konanykhin wrote in the letter, a copy of which has been reviewed by CoinDesk. He requested the matter be terminated and that the conduct of the enforcement official involved with the case at the agency be reviewed, because of his “willingness to weaponize the SEC’s authority for political purposes.” A spokesperson for the SEC declined to comment on Unicoin’s status on Wednesday. A Unicoin spokesperson told CoinDesk on Tuesday that the company “remains in the final stages of the SEC review process. As of now, we have not received any new updates or formal feedback from the SEC regarding our registration. We are fully committed to compliance and transparency, and we continue to work toward securing the necessary approvals for our planned offerings.” The CEO believes his company, which suggests investors can see up to 8,000% returns,…

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Filed under: News - @ March 27, 2025 5:23 am