The SEC issues a Wells Notice to Unicoin as Gary Gensler’s tenure approaches its conclusion

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Unicoin, a crypto investment firm based in the United States, received a Wells Notice from the Securities and Exchange Commission (SEC).

Gary Gensler, the controversial chief of the Securities and Exchange Commission, will depart his position in a month. However, he is still actively seeking cryptocurrency before his departure.

Fortune reports that the Wells Notice indicates that the commission will accuse Unicoin of fraud, misleading practices, and the sale of unregistered securities; however, it does not specify any specific issues.

The commission’s crypto division issued subpoenas to the company in May. Alex Konanykhin, CEO of Unicoin, characterised the subpoenas as related to the company’s primary product, a cryptocurrency that is supported by tangible assets, such as billions of dollars in real estate.

He also mentioned that Unicorn’s solicitors are currently composing a response that is due on December 24. He also expressed a common sentiment in the crypto community that a significant number of Gensler’s enforcement actions are politically motivated. Konanykhin asserts, “I am capable of uttering only one word: bulls–t, complete and utter bulls–t.”

It is important to mention that the Wells Notice includes fraud allegations against Unicoin that have not been present in recent cases against significant crypto companies such as Coinbase. According to Konanykhin, the Securities and Exchange Commission is preventing Unicoin from conducting an ICO (initial coin offering).

The commission “does not remark on the existence or nonexistence of a potential investigation,” according to a spokesperson.

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