US SEC Chairman Gary Gensler is expected to step down in about a month, but Gensler is determined to continue the SEC’s aggressive stance against the cryptocurrency industry until his final days in office.
The SEC has sent a Wells Notice to US-based cryptocurrency investment firm Unicoin.
A Wells Notice is a preliminary notice letter that notifies an individual or company that the institution plans to file a lawsuit.
According to Fortune, the SEC is accusing Unicoin of fraud, deceptive practices, and selling unregistered securities.
However, the details of the breaches were not specified in the Wells Notice. The deadline for Unicoin to respond to the Wells Notice was stated as December 24.
Speaking to Fortune, Unicoin CEO Alex Konanykhin revealed that the company has sold around $3.5 billion worth of tokens and attracted around 70,000 investors. He added that these tokens are backed by tangible assets, including 8,000 acres of land in the Bahamas.
“I can say only one word about the SEC's action: nonsense. Complete and absolute nonsense,” Konanykhin said.
*This is not investment advice.
