SEC Drops BitClout Case, Al-Naji Off the Hook
Bitcoin & Crypto News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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SEC Drops BitClout Lawsuit: Al-Naji Off the Hook for Now
The U.S. Securities and Exchange Commission has dismissed its civil case against BitClout founder Nader Al-Naji and related parties. The SEC initially accused Al-Naji of violating securities laws by selling unregistered tokens through his crypto social platform, which later connected to the DeSo blockchain. Despite raising $257 million from investors, Al-Naji faced criticism for personal spending, including a luxurious Beverly Hills mansion. BitClout, launched in 2021, faced legal threats due to unauthorized profile creation and concerns about encouraging negative behavior. Despite the controversy, Al-Naji secured backing from prominent investors like Andreessen Horowitz and Sequoia. The case also targeted relief defendants, including Al-Najis relatives and companies like Intangible Holdings and the DeSo Foundation. All parties agreed to drop demands for attorney fees or damages, concluding the civil case. However, separate Department of Justice charges for wire fraud may still be pursued.
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