Unicoin CEO: Will File a Motion to Dismiss the Fraud Lawsuit Filed by the US SEC

Jinse Finance reported that crypto company Unicoin will file a motion today to dismiss the lawsuit brought against it by the U.S. Securities and Exchange Commission (SEC). In May, the SEC sued Unicoin and three of its executives, accusing them of misleading investors and raising over $100 million through false statements about crypto products and company stock, while attempting to appear regulated. In the forthcoming filing, Unicoin will argue that the case should be dismissed on the grounds that the complaint misrepresents its actual situation and ignores key disclosures. The company insists that it has "adopted a transparent, compliant, and responsible innovation strategy from the very beginning," emphasizing its voluntary registration of securities, publication of audited financial statements, and restriction of participants to qualified investors. Its CEO, Alex Konanykhin, described the SEC's lawsuit as political theater and blamed the responsibility on the "enforcers" within former SEC Chairman Gary Gensler's enforcement team.