The Securities and Exchange Commission has dismissed its civil lawsuit against Nader Al-Naji, founder of BitClout and the DeSo blockchain, according to a filing on Monday. The regulator ended the enforcement action that had accused Al-Naji of wire fraud and selling unregistered cryptocurrency securities.
The SEC initiated the civil case against Al-Naji in July 2024 as part of a $257 million enforcement action. The dismissal marks a significant development in the regulator's approach to crypto project founders and decentralized network creators, following months of litigation over allegations that BitClout was misrepresented to investors.
Sources: Court Filing
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