Unicoin CEO Calls for SEC Lawsuit to Be Dropped: $3.5 Billion Plea Amid Trump’s Crypto Shake-Up!

The U.S. SEC is under increasing pressure from crypto firms to rethink its enforcement stance under the Trump administration. As regulatory dynamics evolve, Unicoin CEO Alex Konanykhin is pushing for the agency to drop its SEC lawsuit against his company. Following the recent dismissals of cases involving major crypto firms. With the shifting crypto regulation landscape, many industry leaders see this as a potential turning point that could bring relief to crypto businesses facing legal uncertainty.

Unicoin CEO’s Push for Case Dismissal

Konanykhin, whose company was hit with an SEC lawsuit late last year, is pushing for its dismissal. He argues that the fraud and deceptive practices allegations were politically motivated. He claims his firm has always prioritized transparency by providing investors access to transaction records, audits, and financial reports.

🔔 Unicoin CEO Urges @SECGov to Drop Probe, Citing Recent Case Dismissals !#Unicoin co-founder Alex Konanykhin is urging the #SEC to drop its enforcement action against the firm, following the agency’s recent shift away from aggressive #crypto regulation. Konanykhin, who denies… pic.twitter.com/m3YgTQfKvS

— Altcoin Alerts (@Altcoin_Alerts) April 4, 2025

In an op-ed published in the Miami Herald, Konanykhin referenced recent enforcement dismissals against other crypto firms. He insisted that Unicoin should be next. “We would like to be next,” he wrote, arguing that the company was unfairly targeted under the previous administration.

SEC’s Changing Approach to Crypto Regulation

After FTX collapsed, the SEC under former Chair Gary Gensler aggressively sued Binance, Ripple, Coinbase, and Kraken. The SEC lawsuit wave was part of a push to control the industry through litigation. But under the Trump administration, the focus appears to be shifting away from strict enforcement. The SEC had accused Unicoin of selling unregistered securities and using deceptive marketing. 

Despite Unicoin’s claims of transparency, the SEC has not clarified its current stance on the company. With Trump back in office, crypto-friendly policies are expected to shape the SEC’s actions. Trump has voiced support for digital asset innovation, and his administration’s stance indicates a more business-friendly approach to crypto regulation.

Unicoin Tokens and SEC Scrutiny

Unlike many crypto firms that deny their tokens are securities, Unicoin takes the opposite stance—it openly acknowledges that its token is a security. Unicoin co-founder Alex Konanykhin previously stated that the company sold $3.5 billion worth of Unicoin tokens through various deals and buy-now-pay-later agreements to around 70,000 investors. Despite claiming to have reported to the SEC for over five years, the company has yet to officially register its token with the regulator. Konanykhin insists that Unicoin prioritizes transparency, providing transaction records and financial reports, yet he argues that the previous administration subjected it to unwarranted scrutiny.

Future Outlook: A Turning Point for Crypto Regulation?

The SEC lawsuit against Unicoin could set a precedent for other crypto firms hoping to clear their names. If the SEC dismisses more cases, the industry may see reduced regulatory uncertainty. Konanykhin believes the ongoing changes under the Trump administration could help crypto firms operate more freely. The SEC has yet to respond to Unicoin’s request. However, the shift in regulatory policies suggests the crypto industry is entering a new phase. The coming months will determine if the SEC lawsuit trend continues or if enforcement actions against crypto firms ease further.